Foreign media: WeMade tried to sell WEMIX off-site by issuing structured financial products

Odaily Planet Daily News According to people familiar with the matter, Korean game company WeMade sells WEMIX tokens off-site through the issuance of structured financial products, and these tokens will be sold directly in secondary markets such as exchanges after the lock-up period ends. Due to the dispute over the circulation of WEMIX, the sale of the exchange failed. According to the memorandum of terms of structured financing transactions obtained by BlockMedia, the memorandum is suspected to have been written in March this year, with a minimum investment of 300 million won and a lock-up period of one year, and the lock-up period will be adjusted according to the amount. When the fund purchases tokens held by the Wemix Foundation, the discount rate is more than 20%. The fund offers a base rate of return of 10%, and investors pay a 1% management fee to the fund. At that time, the Wemix Foundation hoped to create a fund with an amount of 3 billion to 5 billion won or even higher, according to people familiar with the matter. "As far as I understand, the fund is specifically set up for large individual investors." (BlockMedia) According to previous reports, South Korea’s virtual asset crime joint investigation team has launched an investigation into three cryptocurrency-related fraud allegations, including Delio and Haru Invest’s executives’ alleged fraud, Pica’s issuer Pica Project’s executives’ alleged fraud, and Wemix’s issuer WeMade’s senior executives. alleged fraud. It is reported that the joint investigation team plans to deal with the current case quickly.