[디센터 스냅샷] “Notice of Hope” by Jang Hyeon-guk
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“There is no chance that Wemix will be delisted.”
When Wemix was designated as a watch item on the top 4 cryptocurrency exchanges in Korea, Jang Hyun-guk, CEO of Wemade, held a press conference and stated that there was no chance of Wemix being traded. He also added a strong argument that it was a “reasonable inference” that there was no commercialization because he had communicated extensively with the exchange.
Whenever a crisis situation came up at Wemix, CEO Jang would come to the fore and show his splendid speech. Even the day after accepting the shocking result of the bankruptcy, CEO Jang held an emergency press conference and turned the arrow, saying, “The superpower abuse of the exchange.” He burst into tears answering questions from reporters.
Jang’s press conference has been held five times this year alone. It’s a markedly different move from general reps who don’t bend over backwards for the back end of the company. He has appeared on popular YouTube broadcasts like ‘Sampro TV’ and ‘Dante Kim’ without hesitation.
His rationale was that he was confident because he had done nothing wrong. Despite external concerns about CEO Jang’s outside activities, internal investors viewed him as a strong advocate. On the day of the injunction hearing, we walked through the -8 Celsius cold to Upbit HQ, where CEO Jang targeted “Gapjil.” It seems that even the reporter was influenced by his splendid speech without realizing it. CEO Jang, who is personally self-explanatory and endures criticism in every moment of crisis, reminded me of a captain who protects a sinking ship to the end.
However, looking back at the current situation of Wemix, where Wemix was suspended, ironically, CEO Jang’s promise has always had the opposite result. Rather, whenever Wemix found itself at a major crossroads, CEO Jang’s excessive bragging acted as poison. The Joint Advisory Body for Digital Asset Exchange (DAXA) said CEO Chang’s multiple statements at a press conference that “there is no possibility of a compromise” as the reason for the compromise did not meet the purpose of protecting investors.
CEO Jang’s announcement of listing discussions with global exchanges such as Binance as a countermeasure against the domestic currency is also very likely to have a negative effect. Since Binance strictly follows the confidentiality provisions of the exchange’s bylaws, disclosing the fact of the listing discussions could be disadvantageous in the review. It is also pointed out that overseas listing as a countermeasure against trade exchange without talking about statutory audit might be a problem in a situation where foreign trade is legally prohibited from doing business in Korea.
Investors who missed the golden moment for the latest escape by following the captain who told them to believe in themselves ended up losing their entire investment. When Wemix, where the majority of transactions took place in Korea, was banned by the top 4 Korean exchanges, the price plummeted 99% from its peak price.
However, when the ship sinks, the captain who thought he was staying on the ship is nowhere to be found. Representative Jang, who had promised to appear on Sampro TV on the 8th, turned down the appearance on the same day the commercial abolition was decided, citing anxiety in mind and body.
The uselessness and originality of investors remain. The root cause of this situation is the false public announcement of the distribution amount. WeMade must stop the unfounded torture of hope and clarify the reasons and details of the false disclosure of Wemix’s distribution volume. You also need to apologize and take responsibility for the fact that all promises have not been kept.
