The legal proceedings against Jang Hyun-guk, former CEO of Wemade, concluded with his acquittal in the case regarding manipulation of the WEMIX token. We will explore the details of this case.
Court Ruling
According to local news reports, the Seoul Southern District Court acquitted Jang Hyun-guk, ruling that he did not intend to influence crypto market prices using deceptive means. This ruling cleared him of violating South Korea’s capital market laws.
Accusations Against Jang Hyun-guk
Prosecutors alleged that Jang had falsely announced a halt in liquidation for WEMIX tokens to stabilize prices and induce investor confidence in the asset. However, the court found no clear evidence of intent to manipulate the market.
WEMIX Token Situation
Since peaking at $24.71 on November 21, 2021, the WEMIX token has decreased by 97% and now trades at $0.61. Despite the favorable verdict, prosecutors may file an appeal to a higher court if they disagree with the ruling. This situation has negatively impacted investor confidence in the Wemade project.
The proceedings surrounding Jang Hyun-guk, his acquittal, and the consequences for the WEMIX token reflect the complex issues within the cryptocurrency world and the legal system in South Korea.
