Wemade "Will Respond to the WEMIX Situation Until the End"

Amidst the unprecedented second delisting of the virtual asset (cryptocurrency) WEMIX, Wemade founder Kwanho Park has pledged to continue pursuing the blockchain game business centered around WEMIX.

According to industry sources on the 7th (Korean time), Park stated in a shareholder letter the previous day, "The unilateral decision-making process and undisclosed standards of the exchanges are undermining market trust, and the damage is being passed on to investors," adding, "We plan to respond to the unreasonable decisions of the exchanges through all legal means."

He added, "What I must clearly state is that this incident is a 'WEMIX Play bridge incident' used by global game users, not an issue with the WEMIX mainnet," emphasizing that it is unrelated to the security and stability of the mainnet itself.

Criticism was also raised regarding the Digital Asset Exchange Alliance (DAXA) in relation to the delisting. Park pointed out, "The price drop of WEMIX was not immediately after the incident but concentrated at the time when domestic exchanges announced the designation of WEMIX as a cautionary item," and criticized it as "an arbitrary and unilateral collusion result by domestic exchanges using a private meeting called the Digital Asset Exchange Alliance, which has no legal authority or substance."

Park emphasized that regardless of this situation, he would continue the WEMIX-based blockchain game business that was already underway. He stated, "Based on last year's annual performance, 518.1 billion won, approximately 72.7% of the total revenue of 711.8 billion won, was generated overseas," and added, "We are continuing to expand into a broader global market beyond the limitations of existing markets and genres, and there will be no delay in schedule or contraction of strategy due to this issue."

Previously, DAXA, composed of five domestic won-based virtual asset exchanges including Gopax, Bithumb, Upbit, Korbit, and Coinone, decided to delist WEMIX on the 2nd. This is in response to the incident in March where 8.65 million WEMIX were stolen.