According to a report by Korean media Chosun on June 7, PANews, Alpha Asset Management, which holds Wemade shares worth 35 billion KRW, is facing increasingly larger losses. As the virtual currency WEMIX, which once boosted Wemade's stock price, has now been delisted from South Korean cryptocurrency exchanges such as Upbit and Bithumb, hopes for a stock price rebound have also become bleak. The CEO of Alpha Asset Management is Choi Joon Hyuk, the husband of the famous Korean star Jun Ji Hyun.
Wemix is a virtual currency issued by the South Korean gaming company Wemade through its subsidiary, primarily targeting the blockchain gaming ecosystem. Alpha Asset Management purchased Wemade's shares worth 15 billion KRW in October 2023 and 20 billion KRW in January 2024. The company recorded an operating loss of up to 11.3 billion KRW in the first quarter, and its stock price has dropped more than 25% this year.