Wemade CEO Park Kwan-ho: "Jang Hyun-guk's Resignation, Judicial Risk Is Speculation"

Park Kwan-ho, CEO and Chairman of the Board of Directors of Wemade, is speaking at the regular shareholders' meeting held on the 29th at the company headquarters in Seongnam-si, Gyeonggi Province.
[Photo by Yonhap News]

Park Kwan-ho, CEO and Chairman of Wemade who has returned to the front lines of management, emphasized that the "judicial risks speculated by the public" regarding former CEO Jang Hyun-guk's resignation are "exaggerations."

After the regular shareholders' meeting held on the 29th, CEO Park explained, "Former CEO Jang contributed to the company's growth for a long time, but due to the large deficit last year, the company needed to optimize costs, and he also had health issues. After consultations, I took over as CEO to directly manage the work."

As the founder of Wemade, Park was appointed CEO and Chairman on the 14th when former CEO Jang stepped down to Vice Chairman. Following Jang's sudden resignation, there were claims that it was related to the ongoing investigation by prosecutors into Wemade's WEMIX excessive circulation allegations. On the same day, Wemade reappointed Park as an inside director and approved the appointment of Choi Jong-gu, Head of Planning and Coordination, as a new director.

Regarding game and platform strategy, CEO Park said, "The new title 'Imir' is planned to be released domestically within this year and globally next year," adding, "The growth target for WEMIX Play is to surpass Steam, and if good blockchain games emerge, WEMIX Play can also grow."

Meanwhile, CEO Park addressed the recent announcement by the domestic exchange GDAC to suspend support for WEMIX trading (delisting), stating that legal procedures are underway.

He said, "GDAC was hacked last year, and out of the 11 million WEMIX entrusted to them, 8 million remain at GDAC. We demanded all of them back, but GDAC refused and limited the maximum daily withdrawal to 16,000."

He added, "It is suspicious whether GDAC is trying to hide the fact that they do not possess the WEMIX or intentionally trying to devalue WEMIX."