South Korean court clears Wemade ex-CEO in Wemix manipulation case
2025-07-15 08:49:54
Main Idea
A South Korean court acquitted former Wemade CEO Jang Hyun-guk of market manipulation charges related to the WEMIX token, despite allegations of unfair sales and a significant drop in the token's value.
Key Points
1. Jang Hyun-guk was acquitted of violating South Korea’s capital market laws regarding the manipulation of WEMIX token circulation.
2. Prosecutors alleged Wemade sold over $200 million in WEMIX tokens without proper disclosure from February to October 2022.
3. The WEMIX token has declined by 97% from its all-time high of $24.71 in November 2021, now trading at $0.61.
4. The WEMIX token was delisted by South Korea’s largest exchanges in December 2023 after court approval.
5. The Wemix Foundation faced separate allegations of covering up a $6 million hack, though the CEO denied intentional concealment.
Description
After nearly a year of legal proceedings, a South Korean court acquitted former Wemade CEO Jang Hyun-guk of market manipulation charges.
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