- The reason for this was the numerous complaints of misuse of funds and fraud.
- WeMade has repeatedly appeared in various scandals related to embezzlement and blocking of users
This morning, June 30, the 1st Financial Crimes Investigation Division of the Seoul Southern District Prosecutor’s Office launched a massive operation against WeMade. The reason for the check was suspicions of fraud and violation of the law on capital markets.
Recall that WeMade develops games. Earlier this year, the firm launched the WEMIX native token. It is noteworthy that he has already appeared in another case related to the scandal surrounding MP Kim Nam Kook.
Recall that he turned out to be a major investor, including in suspicious projects. He invested about $4 million in WEMIX. But then law enforcement officers had no claims against the service provider.
A series of searches began this morning, according to a local news portal. Digital Asset. The reason was probably a series of complaints from deceived WeMade investors who accused the company of fraud and misuse of funds.
Judging by the available information, searches are taking place not only in the WeMade office. The police also came to the market makers of the WEMIX market. Note that there have been no comments from the department yet.
Before that, in 2021-2022, WeMade repeatedly appeared in various kinds of scandals. The CEO of the company was accused of spending 12 billion won ($9.2 million) of corporate funds on the purchase of an apartment complex, which he turned into a personal residence.