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Park Sang-jin, CEO of Naver Pay. (Photo courtesy of Naver Financial) |
[Alpha Biz= Reporter Kim Joonhyun] Seoul, August 27, 2025 — Naver has confirmed a total loss of KRW 3.3 billion (approx. USD 2.4 million) from its investment in the cryptocurrency WEMIX, while controversy is mounting over allegations that Park Sang-jin, current CEO of Naver Financial and former Naver CFO, personally earned up to 30 times his investment through private trading of the same asset.
According to an Alpha Biz investigation, Park is said to have purchased WEMIX tokens at around KRW 100 and sold them at roughly KRW 3,000 following their relisting, reaping extraordinary profits. Sources familiar with Park’s activities claim he often spoke of his “investment genius” after the trades.
Naver had entered into a business partnership with Wemade in 2020 to promote blockchain-based gaming services, acquiring WEMIX tokens at an average purchase price of KRW 3,838. As CFO from 2016 to 2022, Park was reportedly deeply involved in the company’s investment decisions.
Legal experts suggest that Park’s personal trades could constitute a serious conflict of interest. Lee Gil-woo, managing partner at law firm LKS, noted: “If Park participated in Naver’s decision to invest in WEMIX while also making personal investments in the same asset, questions naturally arise as to whether the company’s decisions were made solely in its best interest. The possibility of using undisclosed material information is particularly concerning.”
A senior official at the Financial Supervisory Service added: “A CFO is obligated to prioritize the company’s interests. If he profited personally from assets in which the company invested, it represents a severe conflict of interest and moral hazard.”
In response to the allegations, Naver Financial stated: “As this involves a personal investment, it cannot be verified at the company level. However, the claim is completely untrue.”
Alphabiz 이준현 기자(wtcloud83@alphabiz.co.kr)
