Naver treats WEMIX coin investment as a total loss
Uk Jin
Summary
- Naver reported having recognized a total loss on its WEMIX holdings from the past five years.
- In the first half of the year, 866,700 units of WEMIX were recognized as impaired, stated to be worth approximately ₩3,326,000,000.
- It was stated that the cause was the delisting of WEMIX from domestic exchanges, making trading and recovery of principal effectively impossible.
It has been reported that Naver recognized a loss on its WEMIX holdings from the past five years.
According to industry sources on the 19th (Korean time), Naver disclosed in its semi-annual report that during the first half of the year, it recognized impairments on 866,700 WEMIX (worth approximately ₩3,326,000,000) that it held, accounting for the entirety of the amount.
Trading of WEMIX became virtually impossible after it was delisted from South Korean exchanges, making it unlikely for Naver to recover its initial investment, which led to this decision.
Naver previously accumulated a significant amount of WEMIX through a partnership dating back to 2020.
Uk Jin
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