Wemade Owes $41M in Taxes After Launching $100M Web3 Fund
On January 3, 2024, news broke that Wemade, the South Korean gaming giant, owes the government $41 million in taxes following the launch of a $100 million Web3 fund. The outstanding taxes relate to the issuance of WEMIX tokens by its subsidiary, Wemade Tree, since 2019, causing significant ripples in the South Korean market.
The unpaid taxes span from January 2019 to 2022, and the company must settle the amount by February 29, 2024. Tax authorities have imposed an additional penalty amounting to $38 million on Wemade.
Launched in 2020, WEMIX tokens saw exceptional growth, delivering profits up to 635%. These tokens play a crucial role in providing liquidity for Wemade's Web3 applications.
For more details on Wemade's $100 million investment fund, please refer to this article.
