Wemade has been hit with a multimillion-dollar lawsuit from its own ranks. The dispute, centered around the distribution of the company’s cryptocurrency WEMIX. The case highlights the complex intersections of traditional business practices and emerging blockchain technologies.
Wemade Faces $12M Lawsuit
Wemade is facing a substantial lawsuit from a group of current and former executives and employees. The company announced on August 9 that 28 individuals filed a lawsuit on July 29 at the Seoul Central District Court, seeking damages of $11.85 million (16.18 billion won).
The plaintiffs, primarily former employees of Wemade Tree, a subsidiary that was merged into Wemade in February 2022, allege that the company failed to deliver on promises to pay them in WEMIX cryptocurrency.
The subsidiary was stablished in 2018, and it was key in the parent companies foray into blockchain technology. The subsidiary spearheaded the issuance of WEMIX tokens and their subsequent listing on cryptocurren
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