WEMIX and Mirana Ventures Fuel Chinese Blockchain Gaming with $30M Fund

In a concerted move to bolster the blockchain gaming sphere in China, Singapore-based WEMIX PTE. LTD., a subsidiary of WEMADE, has strategically invested in five Chinese game developers, according to GlobeNewswire. This investment was channeled through a specialized blockchain gaming fund, established in collaboration with Mirana Ventures, on October 11, 2023. The fund, valued at $30 million, is a joint initiative with Mirana Ventures, an investment arm of the global digital asset exchange, Bybit.

Financial Allocation and Future Endeavors

A notable portion, $6.4 million to be precise, of the $30 million fund has been utilized in this investment venture. This fund was initiated back in March 2023 with an aim to nurture promising blockchain gaming enterprises and to broaden the horizons of the WEMIX3.0 ecosystem. The genres of the games being developed by the investee companies span across MMORPG, card battle, sports, and strategy simulation. This diversity in gaming genres reflects the broad spectrum of opportunities that blockchain technology is poised to offer in the gaming industry.

All five games under development are set to feature on WEMIX PLAY, a blockchain gaming platform that is part of the WEMIX3.0 ecosystem. Further details concerning these games will be divulged on WEMIX PLAY in due time. In the meantime, WEMIX PTE. LTD. and Mirana Ventures continue to nurture their partnership, tirelessly scouting for potential projects within China to invest in. Their joint expertise in the blockchain market is a valuable resource for the investees, potentially expediting the market entry and success of these blockchain-based games.

Continued Investment and Industry Impact

This investment initiative underscores WEMIX PTE. LTD.’s plans to perpetuate and amplify its investment activities within the Chinese blockchain gaming developer community. The official website, www.wemixplay.com, will host detailed information regarding the blockchain games once they are serviced on WEMIX PLAY. This move is a part of a larger narrative where key industry players like WEMADE are steering the gaming industry towards a blockchain-centric paradigm, thereby catalyzing a once-in-a-generation shift in the gaming industry dynamics.

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Seoul Prosecutors Probe Crypto Fraud at Delio, Haru, Pica, and WeMade

The Seoul Southern District Prosecutor’s Office has launched an investigation into three cases of alleged cryptocurrency fraud, according to a report by Hankyung on July 27, 2023. The newly formed joint investigation team for cryptocurrency crimes, which was established on July 26, 2023, is spearheading the investigation.

The cases under investigation involve Delio and Haru Invest, Pica Project, and WeMade, all of which are suspected of fraudulent activities related to their management. The joint investigation team has taken over these cases from the Financial Investigation 1 Department of the Southern District Prosecutor’s Office.

WeMade, the issuer of the virtual asset WEMIX, has been under scrutiny since 2021 due to various controversies. The company had previously faced criticism for liquidating KRW 225.5 billion worth of WEMIX without notifying users between November 2020 and January 2022. This led to a significant controversy and highlighted the importance of regulatory disclosure in the virtual asset market.

Haru Invest, a Singapore-based crypto investment manager, faced a crisis when CEO Hugo Lee had to apologize to its members for concerns arising from a recent incident. The company had to halt interest payments to all users and cooperate fully with authorities in response to legal actions initiated against it. The company had previously suspended withdrawals and deposits on the platform due to increased market volatility.

Delio, one of South Korea’s largest cryptocurrency lending companies, also faced a crisis when it had to halt interest payments to users. The company’s operations were in doubt after prosecutors raided the company following a fraud lawsuit filed by Delio clients. The company had previously suspended withdrawals and deposits on the platform, and it was reported that Delio withdrew KRW 9.24 billion (US$7.2 million) worth of its crypto holdings to three anonymous external wallets not disclosed by the company or the executives.

The investigation team, which includes most of the prosecutors from the Financial Investigation 1 Department, including Deputy Chief Prosecutor Gino Sung, who previously led the investigation into cryptocurrency malpractices, is expected to expedite the processing of these cases.

In addition, the case involving independent lawmaker Kim Nam-guk’s alleged large-scale coin holdings continues to be investigated by the Criminal 6 Department. However, as some of Kim’s allegations are linked to WeMade’s suspected illegal market-making, a joint investigation with the joint investigation team seems inevitable.

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Korean Prosecution Investigates Cypto Coin WEMIX Issuer WeMade and Hyperism Simultaneously

The Korean prosecution has simultaneously raided WeMade, the issuer of the cryptocurrency WEMIX, and Hyperism, the asset management company responsible for WEMIX’s market making. This incident comes right after South Korea’s parliament passed the Virtual Asset Protection Act, which aims to crack down on illegal illegal trading practices such as market price manipulation and insider trading.

The raid was conducted at the headquarters of Hyperism, located in Gwanak-gu, Seoul. An official from Hyperism confirmed that the prosecution was conducting a search in relation to WEMIX. The office was tightly sealed, with both the front glass door and the external iron door firmly closed.

The Financial Investigation Department 1 of the Seoul Southern District Prosecutor’s Office initiated the search at WeMade’s headquarters in Bundang-gu, Seongnam-si, Gyeonggi-do. The investigation also extended to the market makers of WEMIX.

Previously, WEMIX investors had filed a complaint against Hyun-guk Jang, the representative of WeMade, accusing him of fraud and fraudulent unfair trading under the Capital Market Act on May 12.

In 2021, WeMade had invested in Hyperism through its blockchain-specialized subsidiary, WeMade Tree. It was reported that WeMade had invested KRW 5.2 billion from the funds raised from the sale of WEMIX, and subsequently paid 18 million WEMIX to the Hyperism Eco Fund.


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