Alpha Asset Management, a private fund operator, holds 35 billion KRW worth of Wemade stock, which is currently facing significant losses. The losses are linked to the virtual currency Wemix, issued by Wemade's subsidiary, which has been delisted from South Korean domestic cryptocurrency exchanges for the second time following a hack that resulted in a loss of 9 billion KRW worth of tokens. Wemade's CEO is Choi Jun-hee, husband of South Korean actress Jun Ji-hyun. The delisting has diminished market hopes for a rebound in Wemade's stock price, which had previously been supported by positive movements in Wemix's value. Alpha Asset Management purchased Wemade shares in October 2023 and January 2024 at prices much higher than the current closing price, resulting in an estimated paper loss of up to 15.8 billion KRW (approximately $11.66 million).

WEMIX

BlockBeats News, June 7th, Alpha Asset Management, a private fund operator, holds 35 billion KRW worth of Wemade stock, which is currently facing expanding losses. Due to the virtual currency Wemix, which once boosted Wemade's stock price, being delisted from the trading platform again, the market's hope for a stock price rebound is dwindling. The CEO of the company is Choi Jun-hee, who is the husband of South Korean actress Jun Ji-hyun. After being delisted for the second time, Wemix has been officially delisted from domestic cryptocurrency exchanges in South Korea. Previously, Wemade had applied for a ban on four exchanges belonging to the Digital Asset Exchange Alliance (DAXA), but the Seoul Central District Court's 50th Civil Affairs Division (Chief Judge Kim Sang-hoon) rejected it on May 30th. Wemix is a virtual currency issued by the South Korean game company Wemade through its subsidiary, aiming to build a blockchain game ecosystem. On the 2nd of this month, DAXA decided to delist Wemix again because Wemix was hacked on February 28th, losing 9 billion KRW worth of tokens, and this news was made public on the 4th of this month. The coin had previously been listed as a cautionary trading item. The decision to delist Wemix for the second time has intensified Alpha Asset Management's concerns. With Wemade's deteriorating business situation, the possibility of Wemix rising to boost Wemade's stock price has been completely dashed. In the past, whenever the price of Wemix rose or positive news emerged, Wemade's stock price would also rise. In October 2023 and January 2024, Alpha Asset Management purchased 15 billion KRW and 20 billion KRW worth of Wemade stock at prices of 34,894 KRW per share and 63,887 KRW per share, respectively. As of June 2nd, Wemade's closing price was only 25,000 KRW, estimating a paper loss of up to 15.8 billion KRW (approximately $11.66 million).

Wemade, the company in which South Korean actress Jun Ji-hyun's husband holds shares, has suffered significant losses.

Wemade, the company in which South Korean actress Jun Ji-hyun's husband holds shares, has suffered significant losses.