According to Chosun media from Foresight News, private equity fund operator Alpha Asset Management holds Wemade stocks worth 35 billion won and is facing expanding losses. As WEMIX, the virtual currency that once boosted Wemade's stock price, was delisted again by trading platforms, market hopes for a stock price rebound are diminishing. The company's CEO is Choi Jun-hek, who is the husband of Korean actress Jeon Ji-hyun.
After its second delisting, WEMIX has been officially delisted from domestic Korean cryptocurrency trading platforms. WEMIX is a virtual currency issued by Korean game company Wemade through its subsidiary, aiming to build a blockchain game ecosystem. DAXA decided to delist WEMIX on June 2nd due to a hacker attack on February 28th that resulted in a loss of 9 billion won in tokens, which was publicly disclosed on the 4th of this month. The currency had previously been placed on a trading watchlist.
The second delisting of WEMIX has intensified Alpha Asset Management's concerns. The company purchased Wemade stocks worth 15 billion won at 34,894 won per share in October 2023 and 20 billion won at 63,887 won per share in January 2024. As of June 2nd, Wemade's closing price was only 25,000 won, estimated to result in an account loss of 15.8 billion won (approximately $11.66 million).
