Odaily News According to Korean media Chosun, Alpha Asset Management, headed by Choi Jun-hyuk as CEO, is facing a large paper loss due to holding Wemade shares worth 35 billion won. The company purchased shares at 34,894 won and 63,887 won per share in October 2023 and January 2024, respectively. The current share price is 25,000 won, and the estimated loss is 15.8 billion won.
Recently, the virtual currency Wemix was delisted by the Korean Exchange Alliance DAXA due to a security incident, which dashed the expected rebound in Wemade’s stock price. Previously, the rise of Wemix had driven up Wemade’s stock price many times.
Wemade recorded an operating loss of 11.3 billion won in the first quarter, a year-on-year increase. Analysts believe that the company's weak blockchain business performance and the high marketing costs of the game "Legend of Ymir" were the main reasons.
Wemade plans to hold an emergency online briefing at 6:30 p.m. tonight, attended by Wemix Foundation representative Jin Xihuan, to discuss communications with global exchanges and potential legal actions.