BlockBeats reports that on June 7, private equity fund operator Alpha Asset Management, holding Wemade shares valued at 35 billion KRW, is currently facing growing losses. The virtual currency Wemix, which once boosted Wemade's stock price, has been delisted again by trading platforms, making hopes for a stock price rebound increasingly slim. The company's CEO is Choi Joon-hyuk, husband of South Korean actress Jun Ji-hyun.

After the second delisting, Wemix has been officially removed from domestic South Korean cryptocurrency exchanges. Previously, Wemade filed injunction requests against four exchanges affiliated with the Digital Asset Exchange Alliance (DAXA), but the Seoul Central District Court's 50th Civil Division (Presiding Judge Kim Sang-hoon) dismissed these requests on May 30.

Wemix is a virtual currency issued by South Korean game company Wemade through its subsidiary, aiming to build a blockchain gaming ecosystem. On June 2, DAXA decided to delist Wemix again due to a hacker attack on February 28, which resulted in a loss of tokens worth 9 billion KRW, and this incident was publicly disclosed on June 4. The coin had previously been designated as a project under trading watch.

The second delisting of Wemix has exacerbated concerns at Alpha Asset Management. As Wemade's business condition deteriorates, the possibility of Wemix's price increase driving up Wemade's stock price has been completely eliminated. Historically, whenever Wemix's price rose or favorable news emerged, Wemade's stock price would follow suit.

Alpha Asset Management purchased Wemade shares worth 15 billion KRW and 20 billion KRW in October 2023 and January 2024 respectively, at prices of 34,894 KRW and 63,887 KRW per share. As of the closing price on June 2, Wemade's stock price was only 25,000 KRW, estimating a book loss of approximately 15.80 billion KRW (about 11.66 million USD).