Crypto gift to universities worthless after coin's delisting

Seoul National University recently reported to the National Assembly that it would forgo cashing out about 1 billion won's ($720,149) worth of cryptocurrency it had received as a donation, following Wemix's delisting from Korean cryptocurrency exchanges. According to Rep. Park Sang-hyuk from the ruling Democratic Party of Korea on Monday, Seoul National University Foundation stated that "there are no practical plans to cash out the assets" as Wemix's trading was effectively halted in Korea after its delisting. In 2022, the Korean game company Wemade donated about 1 billion won's worth of Wemix, its proprietary coin, to major Korean universities, including Seoul National University, Korea University and Sogang University, as a promotional tool. The coins were locked for one year, allowing them to be cashed out starting the following year. Wemade said the donation was "intended to encourage greater interest in the cryptocurrency sector." The universities indicated they planned to use the donation to establish blockchain research centers and foster future talent. In December 2022, Wemix wasWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times