South Korean Court Acquits Former Wemade CEO of WEMIX Manipulation Charges
According to a report by Jinse Finance, a South Korean court has acquitted Jang Hyun-guk, former CEO of blockchain gaming company Wemade, of charges related to manipulating the circulation of the WEMIX cryptocurrency. Prosecutors alleged that Jang Hyun-guk had falsely announced a suspension of WEMIX token liquidation in order to stabilize its price and boost investor confidence in the asset. However, the court found no clear evidence indicating an intent to manipulate the market. Prosecutors also claimed that under Jang Hyun-guk’s leadership, Wemade unfairly sold over $200 million worth of WEMIX tokens on the market between February and October 2022, without complying with South Korea’s Capital Markets Act disclosure requirements. The company was also suspected of using these tokens to invest in external funds and obtaining stablecoin loans with Wemix as collateral.
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