Photo = Yonhap news

 

 

[Alpha Biz= Paul Lee] Seoul, June 6 – The delisting of Wemix, the cryptocurrency that once fueled the stock surge of Wemade, has been effectively confirmed, deepening the investment losses of Alpha Asset Management, led by Choi Joon-hyuk, husband of actress Jun Ji-hyun.



According to the crypto industry, the Seoul Central District Court on May 30 dismissed Wemade’s injunction request to suspend the delisting of Wemix from four major South Korean exchanges under the Digital Asset eXchange Alliance (DAXA) — Bithumb, Coinone, Korbit, and Gopax. This finalized the removal of Wemix from the exchanges.



DAXA cited Wemade’s delayed disclosure of a KRW 9 billion ($6.5 million) hacking incident that occurred on February 28 as the main reason for delisting. The court noted that Wemade failed to properly report or clarify the severity of the breach in a timely and transparent manner.



With Wemix delisted, concerns are growing for firms reliant on Wemade’s share price. The company's stock has fallen over 20% this year, with its future prospects now uncertain amid the lack of strong new game launches.



Alpha Asset Management, which purchased a total of KRW 35 billion ($25 million) worth of Wemade shares in two rounds, is now facing estimated paper losses of around KRW 14.5 billion ($10.5 million) based on the June 5 closing price of KRW 27,550. Compared to its purchase prices, the shares are now down approximately 21% and 57%, respectively.

 

 

 

 

AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)