Publications
Publications
- September 2024 (Revised March 2025)
- HBS Case Collection
Wemade: (Re)Establishing Trust in Blockchain Games (B)
By: Jung Koo Kang, Charles C.Y. Wang, David Allen and Kwangmoon So
Abstract
This supplement reviews Wemade's efforts to rebuild confidence in its business after its WEMIX coin was delisted from the major South Korean cryptocurrency exchanges on December 8, 2022. It outlines Wemade's strategy of transparency, which included partnerships with third-party monitors, and the success it had in relisting the WEMIX on several exchanges. The supplement concludes with the resignation of CEO Chang Hyun-Guk in 2024, as prosecutors stepped up their investigations.
Keywords
Blockchain; Cryptocurrency; Crypto Economy; Accounting; Financial Reporting; Revenue Recognition; Games, Gaming, and Gambling; Corporate Disclosure; Information Technology; Financial Markets; Governance; Accounting Industry; Video Game Industry; South Korea
Citation
Kang, Jung Koo, Charles C.Y. Wang, David Allen, and Kwangmoon So. "Wemade: (Re)Establishing Trust in Blockchain Games (B)." Harvard Business School Supplement 125-018, September 2024. (Revised March 2025.)