Wemade Reinstates Jang Amidst Wemix Price Plunge

Wemade, a blockchain game developer, faces backlash over the price volatility of its Wemix coin. Following the resignation of former CEO Jang Hyun-kook, Wemix's price plunged, prompting the company to reinstate Jang as a shareholder with a special relationship. Jang's influence on the coin's performance is evident, with the price reacting sharply to his previous resignation and reinstatement. Wemade has implemented measures to address the volatility, including token burning and halving.

Wemade Reinstates Jang Amidst Wemix Volatility

Seoul, South Korea - May 2023 - Wemade, the prominent blockchain game developer, has reversed its decision to remove Jang Hyun-kook, its former CEO and current vice chairman, as a "shareholder with a special relationship." This move comes amidst plunging prices for Wemix, the company's native cryptocurrency, following Jang's resignation.

Industry sources reveal that Jang was reinstated on Thursday, May 4, just two days after being removed from the list on Monday, May 2. South Korean legislation mandates that relatives by blood, executives, and individuals significantly influencing management be designated as specially related persons.

Jang's removal raised concerns among Wemade shareholders and Wemix investors, who feared it could obscure information about his shareholdings and his commitment to the project.

The price of Wemix has experienced significant volatility in response to developments involving Jang, who is widely known as the "father of Wemix." When his removal was announced, the coin's value dropped by over 8%, but it partially recovered upon news of his reinstatement.

Similar volatility occurred in March, when Wemix's price plummeted after Jang announced his resignation as CEO. Since then, the price has struggled to stabilize, remaining below the 3,500 won mark.

Responding to the volatility and investor concerns, Wemade has implemented measures alongside Jang's reinstatement to induce a supply shock. These include token burning and halving of implementation, reducing the number of tokens in circulation to enhance their value.

Wemade has also confirmed Jang's continued involvement in the project during his tenure as vice chairman. Chairman Park Kwan-ho reaffirmed the company's commitment to the Wemix project.

"The development of the Wemix blockchain ecosystem is central to Wemade's growth," Park stated at the regular shareholder meeting on March 29. "We are dedicated to developing a visionary plan for our blockchain business in the latter half of this year, ensuring the future success of Wemix."

It remains to be seen whether these measures will stabilize the price of Wemix and restore investor confidence. However, Wemade's swift reinstatement of Jang underscores the company's recognition of his importance to the project and its ongoing commitment to the blockchain ecosystem.