Game company Enish announced that their cryptocurrency GEEK, used as a primary currency in their blockchain-based roguelike gacha De:Lithe Last Memories, was delisted from cryptocurrency trading platform Bitget on April 9, after failing to meet its criteria. Fifteen days later, on April 24, the company issued a second announcement, stating that their currency has also been delisted from the platform Gate.io, making GEEK completely lose its price reference. As a result, Enish have temporarily suspended some of their in-game services until the problem is fixed.
As a blockchain-based game, Last Memories had a first-come first serve system that allowed only a limited number of players to cash out assets earned in-game per day. However, players complained that these restrictions were too strict, and on October 18, 2024, Enish announced that they would be implementing relief measures for players to be able to withdraw their money more easily – starting with a relaxation of x10 on the conversion limit of GEEK.
According to YouTube game commentator Nagaido, this is when Last Memories’ in-game economy began to plummet. Thanks to one promotion campaign that was announced as a part of the withdrawal relief measures, users were able to generate an infinite loop, profiting off of buying and cashing out assets – which in return damaged the value of GEEK even further.
The campaign was started to promote exchanging from GEEK (currency that can be exchanged for real money) to xGEEK (currency that is used only for in-game transactions) – users would get a bonus of special in-game only currency (xGEEK lite) for each transaction. However, this meant that the players could invest that bonus currency into buying more NFT characters, which would earn them more GEEK that they could later convert back to xGEEK while withdrawing the remainder. According to Nagaido, this created a loop which, if repeated, could yield the players a profit of x1.4. Another problem arose with NFT character sales in November and December 2024, which could be cashed out for a 1.2x greater amount of GEEK compared to its yen value.
Enish made their attempt to mitigate the damage and put the game’s economy back on track by introducing withdrawal restrictions again on January 10, 2025.
“Recently, we’ve noticed a downward trend in GEEK prices. As the price drops, the amount of GEEK you can obtain through xGEEK exchanges increases. This, in turn, makes it easier to complete GEEK withdrawal missions, leading to higher individual withdrawal limits—a cycle that only accelerates the decline.”
This contributed to the removal of GEEK from Bitget in April 2025, which was followed by its removal from Git.hub as well – resulting in the loss of price reference for the currency, which means that its virtually nonfunctional and can’t be used in the market anymore. Enish are currently in discussions with GEEK’s issuing entity on how to solve these problems and get their currency back on track.
One a related note, Enish announced around December 2024 that it had already entered its 10th consecutive year of financial losses, posting an interim net loss of 745 million yen (about $4.9 million) that year.
