- This was prompted by numerous complaints of misuse of funds and fraud
- WeMade has repeatedly featured in various scandals involving embezzlement and user blocking
This morning, June 30, the 1st Financial Crimes Investigation Unit of the Seoul South District Prosecutors Office launched a major operation against WeMade. The reason for the inspection was the suspicion of fraud and violation of the law on capital markets.
WeMade develops games. Earlier this year, the firm released a native WEMIX token. Notably, he has already been implicated in another case involving the scandal surrounding MP Kim Nam-Kook.</nbsp;
Remind that he was a major investor in, among other suspicious projects.. He invested about $4 million in WEMIX. But at the time, law enforcement had no complaints against the service provider.
The series of searches began this morning, according to local news portal Digital Asset. The reason was probably a series of complaints from defrauded WeMade investors, who accused the company of fraud and misuse of funds.
According to available information, the searches are not only at the office of WeMade.. The police also came to the WEMIX market makers. It should be noted that there have been no comments from the agency so far.
WeMade has previously been repeatedly involved in various scandals between 2021 and 2022. The company’s CEO was accused of spending 12 billion won ($9.2 million) of corporate funds to buy an apartment building that he turned into a personal residence.