A South Korean court acquitted Jang Hyun-guk, the former CEO of blockchain gaming company Wemade, of manipulating the circulation of the WEMIX cryptocurrency. Prosecutors alleged that Jang Hyun-guk had falsely announced a moratorium on the liquidation of WEMIX tokens to stabilize prices and inspire investor confidence in the asset. However, the court found no clear evidence that he intended to manipulate the market.
Prosecutors allege that under Jang Hyun-guk's leadership, Wemade unfairly sold more than $200 million worth of WEMIX tokens on the market between February and October 2022 and failed to comply with the disclosure requirements of South Korea's capital markets law. The company allegedly used the tokens to invest in external funds and used Wemix as collateral to obtain stablecoin loans.
South Korean court acquits former Wemade CEO of manipulating WEMIX
2025-07-15 08:46:42
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