Wemade Exposed for Attempting to Drive WEMIX Token Sales Through Structured Financial Products in OTC Markets
On July 28, TuoniaoX.com reported that Korean gaming company Wemade was found to have attempted to use structured financial techniques to transfer foundation-owned tokens to a fund, which would then resell them to on-exchange cryptocurrency platforms after a lock-up period. Due to WEMIX circulation controversies, the exchange sales did not proceed as planned. According to a structured financing term sheet obtained by BlockMedia, the memorandum was allegedly written in March of this year, with a minimum investment of 300 million KRW, a one-year lock-up period, and lock-up adjustments based on investment amounts.
On July 28, TuoniaoX.com reported that Korean gaming company Wemade was found to have attempted to use structured financial techniques to transfer foundation-owned tokens to a fund, which would then resell them to on-exchange cryptocurrency platforms after a lock-up period. Due to WEMIX circulation controversies, the exchange sales did not proceed as planned.
According to a structured financing term sheet obtained by BlockMedia, the memorandum was allegedly written in March of this year, with a minimum investment of 300 million KRW, a one-year lock-up period, and lock-up adjustments based on investment amounts. When the fund purchased tokens held by the Wemix Foundation, the discount rate was over 20%. The fund offered a 10% basic return rate, with investors required to pay a 1% management fee to the fund.