Wi Jeong-hyun: "The Essence of the Kim Nam-guk Incident is P2E Legislative Lobbying"

"Full Investigation of Lawmakers and Aides Needed"
"Wemix Not Different from Terra and Luna"

Wi Jeong-hyun, president of the Korea Game Society, took a strong stance against Wemade. He reiterated that the core issue surrounding the allegations of Democratic Party defector Rep. Kim Nam-guk holding tens of billions worth of virtual assets ‘Wemix’ is “P2E (Play to Earn) legislative lobbying.”

On the 19th, Wi made these remarks at a forum titled 'Wemix Coingate: Exploring Causes and Alternatives' hosted by the Korea Game Society at the Irum Center in Yeongdeungpo-gu, Seoul.

The forum was attended by Wi Jeong-hyun, president of the Korea Game Society (professor at Chung-Ang University), lawyer Ye Ja-seon from the law firm Gwangya, Byun Chang-ho, CEO of 'Coin School' (attending remotely), professor Lee Byung-wook from Seoul School of Integrated Sciences and Technologies, and adjunct professor Lee Su-hwa from Hankuk University of Foreign Studies.

Earlier, the Korea Game Society raised suspicions that certain game companies might have issued virtual assets and then lobbied the National Assembly for regulatory easing following the controversy over Rep. Kim’s large holdings of Wemix. In response, Wemade filed a criminal complaint against Wi with the Seoul Metropolitan Police Agency for defamation by spreading false information.

Wi said to Wemade, “As far as I know, this is the first time in Korean history that a company has tried to silence scholars through criminal and civil lawsuits,” adding, “Why hasn’t Rep. Ha Tae-kyung, who mentioned Wemade by name on Facebook while discussing legislative lobbying, been sued?”

He continued, “CEO Jang Hyun-guk has stated that social casinos are a major pillar of Wemade’s business, and in fact, three social casino games have been onboarded (linked) to Wemix,” emphasizing, “It is questionable whether ‘Kimchi coin’ Wemix, which holds a global share of only about 0.01%, is any different from Terra and Luna, which disappeared overnight. We cannot help but ask if Wemade is not a game company but rather a coin and casino company.”

He also criticized P2E, saying, “Only South Korea and China have banned P2E, so claims of legalization are propaganda by the P2E industry,” and pointed out, “P2E companies are using games but do not support the game industry.”

When asked if there was evidence regarding the P2E legislative lobbying allegations, Wi said, “There are numerous reports from people around me who have actually seen and heard about the lobbying,” adding, “It will be clearly proven through prosecution investigations that I was right.”

Byun Chang-ho, CEO of the virtual asset community ‘Byun Chang-ho Coin School’ who participated in the forum, said, “While a search and seizure to uncover Wemade’s lobbying suspicions is necessary, it is also important to secure evidence related to allegations that Rep. Kim traded using undisclosed information.”

Lawyer Ye Ja-seon, representing about 20 Wemix investors who sued Wemade, stated, “Wemade’s large-scale sale of Wemix without prior notice and violation of circulation disclosure misled investors with false information,” adding, “This constitutes fraudulent unfair trading under the Capital Markets Act.”

This content was produced with the assistance of AI translation services.