Seoul National University (SNU) in South Korea has made a pivotal decision to suspend accepting cryptocurrency donations until digital asset stability is assured and appropriate regulatory frameworks are established.

SNU's Commitment to Responsible Philanthropy

Seoul National University, one of South Korea’s most prestigious institutions, has long been at the forefront of academic excellence and innovation. As part of its philanthropic efforts, SNU explored various funding avenues, including cryptocurrency donations, which offer a modern and potentially lucrative way to garner support from the digital community. However, the recent incident involving Wemade prompted SNU to reassess the risks associated with accepting such donations.

Wemade Controversy: A Cautionary Tale

In a bid to support emerging startups, Wemade, a leading game company, pledged KRW 1 billion (approximately $737,000) in WEMIX tokens to a startup fund associated with SNU. Initially seen as a forward-thinking initiative, the situation changed when it was revealed that Wemade was liquidating WEMIX tokens to cover operational expenses without prior disclosure to SNU or the startup fund beneficiaries.

SNU's Decision: Prioritizing Stability and Regulation

In response to the Wemade incident, SNU has decided to postpone the opening of a corporate account for cryptocurrency donations. The university’s leadership emphasized the importance of ensuring digital asset stability and establishing appropriate regulatory measures before resuming crypto-based philanthropic activities.

SNU's decision to halt cryptocurrency donations until stability and regulations are in place is a prudent step in integrating digital assets into philanthropic efforts.