"Wemade, Firm Commitment to Blockchain Business"... Making Every Effort to Prevent Wemix Delisting

Third Week Delisting Result Announcement

Meeting Held Ahead of Results

"Will Survive Until the End"

"Before starting the offline meeting, I would like to apologize first. The company was also affected by the Play Bridge attack incident, but above all, we deeply sympathize with the damage to Wemix holders (investors). Although I apologized at the press conference, I would like to sincerely apologize to the holders once again today."

Kim Seok-hwan, CEO of Wemix Foundation, bowed in apology once again at the 'Wemix Holder Meeting' held on the 11th regarding the delisting crisis due to the hacking incident of Wemade's virtual asset (cryptocurrency) Wemix. He also expressed his determination, saying, "Even if the global blockchain industry experiences endless stagnation, Wemix will be among the last 10 or 20 projects to survive."

Previously, it was belatedly revealed that Wemix suffered a theft of virtual currency worth 8.75 billion won due to hacking, resulting in a trading suspension on major domestic exchanges. The Digital Asset Exchange Joint Consultative Body (DAXA) extended the designation of Wemix as a cautionary item on the 18th and is reviewing whether to delist it. The result of the delisting decision will be announced next week.

At the meeting, CEO Kim said, "I recognize the concerns of investors who perceived the Wemix project as passive for a year after the resignation of former Wemade CEO Jang Hyun-guk. Wemade, the strongest partner of the Wemix Foundation, has unwavering determination regarding the blockchain business," he emphasized.

He continued, "We believe that the blockchain business is not only the core driving force for the future growth of Wemade but also the most certain field where we can achieve innovation," and explained, "Wemade's recently declared new corporate vision 'We Dare' embodies the determination to survive in the market and continue innovation even in difficult times."

Wemix has been focusing on business expansion since the global launch of Wemade's game 'Mir 4' in August 2021.

'Wemix 5', aimed for release at the end of this year, announced that it will not follow the 'Lineage-like' business model (BM). It stated that it will not create a game economic system centered on excessive gacha systems or probability-based items. This is explained as being in line with the tokenomics of blockchain, where users acquire items through hunting or combat in the game and trade them based on this.

However, regarding the specific BM content, it asked for understanding, saying it is difficult to disclose clearly as it is related to shareholder meetings or public announcements.

The onboarding strategy of the Wemix platform, which focuses on quality over quantity, was also revealed. Based on past cases, it explained that it is difficult to achieve results solely through quantity, so it is focusing on onboarding games with high success potential.

CEO Kim emphasized, "The first onboarding result will come out within a few weeks at the earliest," and "an external game of a type you can expect, not a subsidiary, has already signed an onboarding contract with the Wemix platform."

Wemix also reiterated that it will form a blockchain platform like Steam. CEO Kim said, "The plan to aim for a blockchain platform like Steam remains firm. However, Steam is also a platform that has grown through a long time and effort," conveying that the Wemix platform is also going through a difficult process.

Wemix plans to regularize investor meetings. CEO Kim said, "We will expand meetings globally so that we can frequently deliver Wemix news to investors and have Q&A sessions on curious matters," and "We will strive to ensure that investors have as few doubts as possible about what Wemix is doing."

A cryptocurrency industry official said about the possibility of Wemix delisting, "It is still difficult to predict," and "Exchanges and DAXA are meeting, so the result is likely to come out around the end of next week, not early next week."

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