According to Korean media Chosun, private equity fund operator Alpha Asset Management, which holds 35 billion Korean won worth of Wemade stocks, is experiencing increasing losses. With the virtual currency WEMIX, which once boosted Wemade's stock price, now being delisted from Korean cryptocurrency exchanges such as Upbit and Bithumb, hopes for a rebound in stock prices have become slim. The CEO of Alpha Asset Management is Choi Joon Hyuk, the husband of well-known Korean star Jeon Ji hyun.
Wemix is a virtual currency issued by South Korean gaming company Wemade through its subsidiary, primarily targeting the blockchain gaming ecosystem. Alpha Asset Management purchased equity worth KRW 15 billion and KRW 20 billion in Wemade in October 2023 and January 2024, respectively. The company incurred a first quarter operating loss of KRW 11.3 billion and its stock price has fallen by over 25% this year.
