Choi Joon-Hyuk Loses $26M on Wemade: Jun Ji Hyun's Husband Crypto Crash

Choi Joon-Hyuk, CEO of Alpha Asset Management and husband of Korean star Jun Ji Hyun, faces massive losses on 35 billion KRW ($26M) Wemade investments. After purchasing shares in October 2023 and January 2024 betting on blockchain gaming, Wemade’s WEMIX was delisted from Upbit and Bithumb, triggering a 25%+ stock collapse.

Who Is Choi Joon-Hyuk?

Choi Joon-Hyuk is a South Korean businessman serving as CEO of Alpha Asset Management, a private equity and investment firm specializing in technology and entertainment sector investments. He gained significant public attention through his marriage to Jun Ji Hyun, one of South Korea’s most celebrated actresses known for blockbuster films like “My Sassy Girl” and dramas like “Legend of the Blue Sea.”

Jun Ji Hyun, also known internationally as Gianna Jun, married Choi Joon-Hyuk in April 2012 after meeting through a blind date arranged by mutual acquaintances. During a TV show appearance, Jun Ji Hyun shared: “At first, I felt burdened by the idea of a blind date. My mind was hesitant, but my body was already there.” The couple welcomed their first child in 2016 and have maintained relatively private family life despite Jun Ji Hyun’s immense fame.

Choi Joon-Hyuk Background

Position: CEO of Alpha Asset Management

Industry Focus: Technology and entertainment investments

Notable Investment: 35 billion KRW ($26M) in Wemade blockchain gaming company

Spouse: Jun Ji Hyun (married April 2012)

Public Profile: Generally low-key despite celebrity wife’s fame

Unlike his globally famous wife, Choi Joon-Hyuk typically operates outside public spotlight, focusing on Alpha Asset Management’s investment activities. However, the Wemade investment disaster thrust him into news headlines as media scrutinized how the husband of Korea’s highest-paid actress could suffer such substantial losses.

The Wemade Investment Disaster

According to Korean media Chosun report on June 7, Alpha Asset Management, which holds Wemade shares worth 35 billion KRW, is facing increasingly larger losses. As the virtual currency WEMIX, which once boosted Wemade’s stock price, has now been delisted from South Korean cryptocurrency exchanges, hopes for a stock price rebound have become bleak.

Choi Joon-Hyuk’s investment strategy appeared sound initially. Wemade is a South Korean gaming company with successful titles and seemingly bright blockchain gaming future. WEMIX cryptocurrency, issued through Wemade’s subsidiary, primarily targeted the blockchain gaming ecosystem—a sector experiencing explosive growth globally.

Alpha Asset Management purchased Wemade shares worth 15 billion KRW in October 2023, then doubled down with another 20 billion KRW in January 2024. This aggressive accumulation suggested strong conviction in Wemade’s blockchain gaming vision and WEMIX cryptocurrency prospects. At the time, blockchain gaming represented one of crypto’s hottest narratives, with play-to-earn models attracting millions of users and billions in venture capital.

However, the investment thesis collapsed spectacularly. WEMIX’s delisting from South Korea’s two largest cryptocurrency exchanges triggered catastrophic value destruction. These delistings typically occur due to regulatory violations, transparency issues, or concerns about token economics. For WEMIX holders and Wemade shareholders, the delisting eliminated liquidity and signaled fundamental problems with the project.

The Financial Carnage: 11.3 Billion KRW Loss

The company recorded an operating loss of up to 11.3 billion KRW in the first quarter alone, and its stock price has dropped more than 25% this year. For Choi Joon-Hyuk’s Alpha Asset Management holding 35 billion KRW in Wemade shares, the 25% decline represents approximately 8.75 billion KRW ($6.5M) in paper losses on the investment. Combined with Wemade’s ongoing operating losses and deteriorating business fundamentals, the actual damage may exceed these surface-level calculations.

Wemade Investment Timeline and Losses

October 2023: Alpha Asset Management purchases 15 billion KRW Wemade shares

January 2024: Doubles down with additional 20 billion KRW investment

Q1 2024: Wemade reports 11.3 billion KRW operating loss

2024 YTD: Stock price drops over 25%, wiping 8.75+ billion KRW from position value

Current Status: WEMIX delisted from major Korea exchanges, eliminating recovery prospects

The timing of Choi Joon-Hyuk’s second purchase in January 2024 appears particularly unfortunate. This “doubling down” occurred just months before WEMIX’s delisting, suggesting either poor due diligence or unavailable information about impending regulatory actions. The January purchase represented classic falling knife scenario—buying more as investments decline, hoping for reversal that never materializes.

For context, 35 billion KRW represents approximately $26 million USD, a substantial sum even for wealthy individuals or investment firms. While Jun Ji Hyun’s successful acting career provides financial cushion, losses of this magnitude significantly impact family wealth and Alpha Asset Management’s reputation.

Why Did WEMIX Get Delisted?

WEMIX is a virtual currency issued by South Korean gaming company Wemade through its subsidiary, primarily targeting the blockchain gaming ecosystem. The delisting from Korea major exchanges represents catastrophic blow to both the token and parent company, as these exchanges provide the vast majority of South Korean crypto trading volume.

Exchange delistings typically result from several potential issues: Regulatory violations or concerns raised by financial authorities, transparency problems regarding token supply or distribution, technical issues with blockchain infrastructure, or concerns about market manipulation or wash trading. While specific reasons for WEMIX delisting haven’t been fully disclosed publicly, the decision by both major exchanges simultaneously suggests serious underlying problems rather than isolated technical issues.

The blockchain gaming sector broadly experienced challenges in 2024. Early play-to-earn models proved unsustainable as token emissions outpaced genuine demand, causing death spirals where declining token prices drove away players, further reducing demand and accelerating declines. Many blockchain gaming tokens lost 80-90% of value from peaks, with only a few surviving through genuine gameplay innovation rather than pure tokenomics.

Wemade’s Q1 operating loss of 11.3 billion KRW suggests fundamental business model problems beyond just WEMIX token challenges. Traditional gaming revenue appears insufficient to offset blockchain venture losses, leaving the company bleeding cash. For Choi Joon-Hyuk’s investment, this eliminates the possibility of Wemade pivoting back to profitable core business while waiting for crypto market recovery.

Impact On Choi Joon-Hyuk’s Reputation

The Wemade disaster damages Choi Joon-Hyuk’s reputation as investment manager, raising questions about Alpha Asset Management’s due diligence processes and risk management. Sophisticated investors typically diversify holdings to prevent single positions from causing catastrophic losses. The 35 billion KRW concentration in one blockchain gaming company suggests either inadequate diversification or excessive conviction in a speculative thesis.

For Alpha Asset Management’s other clients or potential investors, the Wemade losses serve as warning about the firm’s investment judgment. Private equity and asset management firms depend on consistent returns and risk-adjusted performance. Spectacular failures, even occasional ones, erode client confidence and make capital raising for future funds difficult.

The public nature of these losses—amplified by Jun Ji Hyun’s celebrity status—creates additional reputational damage beyond typical investment losses. Media coverage linking “Korean star’s husband” to “massive crypto losses” generates negative associations that purely private investment failures wouldn’t attract. This publicity may constrain Choi Joon-Hyuk’s future investment activities or require significant reputation rebuilding.

Lessons From The Wemade Collapse

The Choi Joon-Hyuk Wemade disaster provides important lessons for investors considering blockchain gaming or cryptocurrency investments. First, exchange listings aren’t permanent—delistings can occur suddenly, eliminating liquidity and destroying value. Second, doubling down on losing positions often compounds losses rather than enabling recovery. Third, blockchain gaming requires genuine gameplay innovation, not just tokenomics, to sustain long-term value.

For investors tempted by blockchain gaming narratives, the Wemade case study demonstrates importance of understanding token economics, regulatory risks, and sustainable business models. Blockchain integration doesn’t automatically create value—it must solve actual problems or enhance user experiences. Projects relying primarily on token speculation rather than genuine utility face existential risks when market sentiment shifts.

FAQ

Who is Choi Joon-Hyuk?

Choi Joon-Hyuk is CEO of Alpha Asset Management and husband of Korean actress Jun Ji Hyun. He manages investments in technology and entertainment sectors, though his 35 billion KRW ($26M) Wemade investment has suffered massive losses.

How much did Choi Joon-Hyuk lose on Wemade?

Choi Joon-Hyuk’s Alpha Asset Management holds 35 billion KRW in Wemade shares that have declined over 25% in 2024, representing approximately 8.75+ billion KRW ($6.5M+) in paper losses, with prospects for recovery bleak after WEMIX delisting.

What is WEMIX and why was it delisted?

WEMIX is a cryptocurrency issued by Wemade for its blockchain gaming ecosystem. It was delisted from major Korean exchanges, typically indicating regulatory violations, transparency issues, or concerns about token economics.

How did Jun Ji Hyun meet Choi Joon-Hyuk?

Jun Ji Hyun met Choi Joon-Hyuk through a blind date arranged by mutual acquaintances. They married in April 2012 and welcomed their first child in 2016, maintaining relatively private family life.

Is Choi Joon-Hyuk the same as actor Choi Jin-hyuk?

No, these are different people. Choi Joon-Hyuk is a businessman married to Jun Ji Hyun, while Choi Jin-hyuk is a South Korean actor known for dramas like Gu Family Book, The Heirs, and Tunnel.

Will Alpha Asset Management recover from Wemade losses?

Recovery prospects appear bleak as WEMIX delisting eliminated cryptocurrency catalyst and Wemade reported 11.3 billion KRW Q1 operating loss with stock down 25%+. Without fundamental business improvements, further losses are likely.