BlockBeats reported that on June 7, private equity fund operator Alpha Asset Management, holding Wemade shares valued at 35 billion KRW, is currently facing mounting losses. Since the virtual currency Wemix, which once boosted Wemade's stock price, has been delisted again by trading platforms, market hopes for a stock price rebound are fading. 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 South Korean domestic cryptocurrency exchanges. Previously, Wemade filed injunction requests against four exchanges affiliated with the Digital Asset Exchange Alliance (DAXA), but these were dismissed by the 50th Civil Division of the Seoul Central District Court (presiding judge Kim Sang-hoon) on May 30.

Wemix is a virtual currency issued by South Korean gaming company Wemade through its subsidiary, aiming to build a blockchain gaming ecosystem. On June 2, DAXA decided to delist Wemix again because it was hacked on February 28, resulting in a loss of tokens worth 9 billion KRW, a fact publicly disclosed on June 4. The token had previously been marked as a trading watchlist item.

The second delisting of Wemix has intensified concerns at Alpha Asset Management. As Wemade's business deteriorates, the possibility of Wemix price increases driving Wemade's stock price has been completely dashed. In the past, whenever Wemix's price rose or positive 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 shares were trading at only 25,000 KRW, resulting in an estimated paper loss of 15.80 billion KRW (approximately 11.66 million USD).