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    Korean Gaming Firm Wemade Faces M Tax Bill After 0M Web3 Fund Launch | FinOracle

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    Korean Gaming Firm Wemade Faces M Tax Bill After 0M Web3 Fund Launch | FinOracle

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Korean Gaming Firm Wemade Faces $41M Tax Bill After $100M Web3 Fund Launch

South Korean gaming firm Wemade is facing a significant financial burden as it reveals $41 million in unpaid taxes and penalties. The unpaid taxes are linked to the issuance of WEMIX tokens by its subsidiary, Wemade Tree. This disclosure raises questions about Wemade's financial stability and its ability to utilize funds from its recent Web3 fund launch. South Korea's evolving crypto tax regulations add further complexity to the situation. Wemade must carefully navigate its financial commitments while capitalizing on opportunities in the crypto landscape.

by John Darbie
Wed, Jan 3, 2024 9:33pm
in Gaming
• 2 mins read
14.2k
Korean Gaming Firm Wemade Faces M Tax Bill After 0M Web3 Fund Launch | FinOracle

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Wemade reveals $41M unpaid taxes and penalty

South Korean gaming firm Wemade made headlines recently when it disclosed that it owes the country’s tax authorities a staggering 53.7 billion won ($41 million) in unpaid taxes. This amount accounts for approximately 10% of the company’s equity, making it a significant financial burden.

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