South Korean court acquitted former Wemade CEO of manipulating WEMIX

According to Golden Finance, a South Korean court has acquitted Jang Hyun guk, former CEO of blockchain game company Wemade, of manipulating the circulation of the WEMIX cryptocurrency. The prosecution accuses Jang Hyun guk of falsely announcing the suspension of the liquidation of the WEMIX token in order to stabilize prices and boost investor confidence in the asset. However, the court did not find any clear evidence to suggest that he intended to manipulate the market. The prosecution alleges that under the leadership of Jang Hyun guk, Wemade unfairly sold WEMIX tokens worth over $200 million in the market between February and October 2022, and did not comply with disclosure requirements under South Korea's Capital Market Act. The company is suspected of using these tokens to invest in external funds and obtaining stablecoin loans with Wemix as collateral.