Odaily Planet Daily reports that according to South Korean media Chosun, Alpha Asset Management, led by CEO Choi Jun-hyuk, is facing a significant unrealized loss due to holding Wemade shares valued at 35 billion KRW. The company purchased shares at 34,894 KRW per share in October 2023 and at 63,887 KRW per share in January 2024, but with the current stock price at 25,000 KRW, the estimated loss amounts to 15.80 billion KRW.

Recently, the cryptocurrency Wemix was delisted again by the Korean Exchange Alliance DAXA due to a security incident, dashing expectations of a rebound in Wemade's stock price. Previously, Wemix's price surge had repeatedly driven increases in Wemade's stock price.

Wemade recorded an operating loss of 11.30 billion KRW in the first quarter, a year-over-year increase. Analysts attribute this primarily to weak performance in the company's blockchain business and high marketing costs for the game "Legend of Ymir."

Wemade plans to hold an emergency online briefing at 6:30 PM today, attended by Kim Seok-hwan, representative of Wemix Foundation, to discuss communication with global exchanges and potential legal actions.