Wadiz Publishes Transparency Report... Disclosure of Reports and Actions Taken

August Reports Down 81% Compared to Previous Month... Reported Projects Decrease by 33%

[Asia Economy Reporter Kim Cheolhyun] Wadiz (CEO Shin Hyesung) announced on the 23rd that it has published its first Transparency Report to enhance transparency within its crowdfunding platform. This report mainly covers the cases where members directly raised issues through reports on projects conducted on the Wadiz platform and the corresponding actions taken by Wadiz.

The main contents of the report include ▲number of reports received ▲types of reports ▲number of projects reported ▲actual data on the results of actions taken. According to this report, the number of reports in August decreased by 81% compared to the previous month, and the number of reported projects decreased by 33%. The types of reports included ▲false information in stories ▲loss of contact with makers ▲simultaneous sales on other channels ▲intellectual property infringement.

Additionally, the report introduces actual cases where supporters were protected among the reports received in August. It covers the entire process from report reception, Wadiz’s fact verification, to the results of actions taken.

Wadiz plans to publish the Transparency Report monthly and intends to include government agency requests for user information in the future. The full report can be viewed through the Trust Center on the Wadiz website. Jang Jeongeun, Director of the Compliance Monitoring Team at Wadiz, stated, "This report candidly reflects Wadiz’s practical efforts to minimize various issues that may arise due to the nature of crowdfunding," adding, "As a leading operator, we plan to work hard to increase transparency and create a fair and balanced funding ecosystem."