Wemade Chairman Park Kwan-ho: "Will fulfill responsible management to restore market trust"

Invested 30 billion won of personal funds since 2023

10 billion won buyback and purchase of 20 million coins

"Will fulfill responsible management and restore trust"

Regarding the Wemix hacking incident, Wemade Chairman Park Kwan-ho emphasized responsible management and strengthened security systems. Following the hacking incident, Wemade has continuously conducted buybacks (market purchases) as part of responsible management.

On the 17th, Chairman Park stated, "I will fulfill responsible management until market trust is restored." Along with this, the Wemix Foundation announced measures to prevent recurrence through long-term security enhancement and security system upgrades.

On this day, Wemix Foundation CEO Kim Seok-hwan held a press conference at the Wemade headquarters in Pangyo, Seongnam, Gyeonggi Province, apologizing to investors and shareholders affected by the hacking incident. He also presented strong preventive measures through security infrastructure upgrades and collaboration with external experts.

According to the company, the hacking incident occurred due to exploitation of vulnerabilities in the operating system. The hacking method differed from conventional network attack methods. They explained that sophisticated techniques were used to exploit gaps in the existing security monitoring system.

Wemade reported that immediately after the incident, they thoroughly analyzed the cause in cooperation with external security companies. So far, they have identified system security vulnerabilities and limitations in the real-time monitoring system as major causes of this incident.

Wemade is focusing on restoring market trust by taking immediate action after the incident. Reflecting the opinions of Wemix investors, they announced a 10 billion won buyback on the 6th and plans to purchase 20 million Wemix on the 14th. They have also been implementing follow-up measures, including starting the buyback from the 14th.

Chairman Park, the founder of Wemade, has been continuously purchasing Wemix since 2023, investing 30 billion won of his personal funds. This is a move to instill confidence in investors. The company added that even in this crisis situation, they are focusing on actual market stabilization through buybacks and additional large-scale purchase plans.

Chairman Park returned as CEO in late March last year and successfully turned around the company, which had recorded losses for two consecutive years, by focusing on returning to profitability. This measure also reflects Chairman Park's philosophy of responsible management.

The market views Wemade as implementing responsible management by transitioning from a professional management system to an owner-managed system.

The Wemix Foundation plans to completely overhaul its security system in response to this incident, establish long-term security enhancement policies, and continue investment and R&D. They are implementing a comprehensive upgrade of security infrastructure.

They are strengthening the monitoring system for hacking detection and response. They have begun a complete reconstruction of potentially compromised systems. They have also improved system encryption levels and rebuilt the multi-signature system.

Collaboration with external security experts will also be expanded. They plan to enhance real-time threat detection capabilities by establishing on-chain monitoring systems (recording all transaction details on the blockchain) and strengthening blockchain transaction monitoring systems that enable immediate response in case of security incidents.

In particular, the Wemix Foundation plans to pursue continuous investment and R&D cooperation projects for security enhancement, recognizing the need for industry-wide cooperation beyond the individual corporate level to strengthen blockchain security.

Chairman Park stated, "Wemade will continue to spare no effort in strengthening internal security and improving ecosystem transparency," adding, "Learning from this incident, we will become a trusted blockchain company by establishing more robust security systems and investor protection policies."

Park Su-bin, Hankyung.com reporter waterbean@hankyung.com