South Korean Court Acquits Former Wemade CEO in WEMIX Token Manipulation Case, Future Appeals Possible

Key Points

1. The Seoul Southern District Court ruled in favor of Jang Hyun-guk, clearing him of accusations involving artificial price stabilization of WEMIX tokens.

2. Despite the acquittal, WEMIX token's value dropped nearly 97% from its peak of $24.71 in late 2021 to $0.61 by mid-2024, reflecting investor skepticism.

3. Prosecutors had alleged Wemade sold over $200 million worth of tokens without proper disclosure, raising governance and transparency concerns.

4. The Wemix Foundation faced criticism after a February 2024 hack resulted in the loss of 8.6 million tokens ($6 million), further damaging trust.

5. The court's decision sets a legal precedent but does not resolve broader concerns about WEMIX's market performance and governance issues.