'Wemix Delisting Controversy'... Jang Hyun-guk, Wemade CEO, "No Possibility of Delisting"

"FTX Incident is an Accounting Fraud Case, a Sorting Process in the Virtual Asset Industry"

Jang Hyun-guk, CEO of Wemade, is holding a press conference and answering questions at Busan BEXCO's 'G-STAR 2022' on the 17th.

[Asia Economy Busan=Reporter Lee Seung-jin] Jang Hyun-guk, CEO of Wemade, emphasized that there is "no change in the existing position that there is no possibility of delisting WEMIX," regarding the recent concerns about the potential 'WEMIX delisting.'

On the 17th, at a press conference held at BEXCO Busan during 'G-STAR 2022,' CEO Jang discussed Wemade's present and future and stated his position on the recent controversy surrounding the 'WEMIX delisting.'

CEO Jang said, "It is a pleasure that G-STAR is being held normally for the first time in several years and that we are participating together," adding, "We showcased two new titles, 'Night Crow' and 'Legend of Imir,' and hope they achieve good results and win awards next year."

He continued, "Currently, about 20 blockchain games are being serviced, and although we planned to service 100 games by the end of the year, the schedule has been delayed, so it seems that the number will be close to 100 by the first quarter of next year."

He also expressed confidence regarding the recent successive launches of Wemade's blockchain mainnet 'WEMIX 3.0,' 'WEMIX Dollar,' and the DeFi platform 'WEMIXFi.'

CEO Jang stated, "Although stock prices and coins declined over the past year, the company was unaffected and continued to do what needed to be done, steadily completing the blocks. Based on a leading position in games, we aim to be number one in the universal blockchain beyond games. We will strive to make a mark on Korean game companies."

Regarding the recent designation of 'WEMIX' as a cautionary item by the Digital Asset Exchange Joint Council (DAXA), he bowed his head once again. However, he drew a clear line on the possibility of delisting.

CEO Jang explained, "I apologize as the ultimate person responsible for the company for causing uncertainty to coin holders and shareholders. However, according to disclosed information, this happened due to the difference between the expected circulation volume and the actual circulation volume. Through extensive communication with the exchange council, we infer reasonably that there is no possibility of delisting."

Regarding the recent collapse of FTX, one of the world's top three cryptocurrency exchanges, he expressed the opinion that it was an internal control issue rather than a problem of the virtual asset industry.

He said, "Although the full details of the incident have not been revealed, the decisive interpretation is that it is an 'Enron scandal,' not a 'Lehman Brothers incident,'" adding, "The Enron scandal is a representative case of accounting fraud."

CEO Jang emphasized, "The essence of the FTX incident is that there was no internal control system at all, and customer funds were used arbitrarily," and "In the process of all technological innovations becoming established industries, there is a 'sorting of the wheat from the chaff.' The incident this spring (Terra incident) and the recent incident are part of this sorting process."

He also stated Wemade's intention to enhance transparency in accounting treatment. CEO Jang explained, "Since Wemade is a listed company, it must receive audit opinions from accounting firms. If coins can be moved arbitrarily by someone, the audit will be rejected."

Meanwhile, Wemade, which participated as the main sponsor of G-STAR, unveiled two new titles, 'Night Crow' and 'Legend of Imir,' on the day.

'Night Crow' is being prepared for release in April next year, and 'Legend of Imir' had its demo video released last January. Both new titles plan to apply tokenomics utilizing WEMIX.