Wemade struggles to pacify investors as coin value tumbles

Wemade Vice Chairman Jang Hyun-kook speaks during a meeting with an investigative team from the ruling People Power Party at Wemade headquarters in Seongnam, Gyeonggi Province, in this May 2023 photo. Newsis

Wemade is struggling to pacify its coin investors, as its price, which once peaked at 5,000 won ($3.70) during the crypto bull market, continues to plunge following the resignation of Jang Hyun-kook, the blockchain game developer who created Wemix.According to industry sources, Jang, the former CEO and the current vice chairman of Wemade, was reinstated as a “shareholder with a special relationship” on Thursday, just two days after being removed from the list on Monday.Korean legislation requires that relatives by blood, executives and individuals exerting significant influence on management should be designated as specially related persons.The removal of Jang has sparked criticisms, as it appears to contradict his previous promises of unwavering support for Wemix, despite stepping down from the CEO position in March.

Individual shareholders of Wemade and investors in Wemix have also raised the alarm, pointing out that the removal of Jang from the special relationship shareholder list would obscure any information regarding him selling his shares.The price of Wemix has seen significant fluctuations following a series of events involving Jang, known as the father of Wemix. After his removal from the list was announced, the value of the coin dropped by over 8 percent, but it managed to recover approximately 5 percent upon news of his quick reinstatement.This volatility was also demonstrated in March, when Wemix’s price, having soared to 5,012 won on March 12, plunged to 3,548 won right after Jang announced his resignation on March 14. Since then, the price has struggled to rebound, currently hovering around the 3,000 range.

These shifts underscore Jang’s profound influence on Wemix’s market performance.In response to the volatility and investors’ anger, the company, alongside Jang’s return, has introduced measures designed to induce a supply shock. These include token burning and halving of implementation, effectively reducing the number of tokens in circulation to increase their value.The company also that confirmed Jang’s ongoing involvement in the project during his tenure as a vice chairman of Wemade.The commitment to the Wemix project has also been reaffirmed by Wemade chairman Park Kwan-ho.”The development of the Wemix blockchain ecosystem is integral to Wemade’s growth,” Park said during the regular shareholder meeting on March 29. “We are committed to formulating a visionary plan for our blockchain business in the latter half of this year, preparing 카지노사이트킹 for the future of Wemix.”

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