news 
Wemade’s Ex-CEO Jang Hyun-guk Acquitted in WEMIX Manipulation Trial
A South Korea crypto court has cleared Wemade’s former CEO Jang Hyun-guk of all charges related to WEMIX token manipulation. The Seoul Southern District Court ruled that no evidence exists to support claims that Jang attempted to deceive investors by hiding information about the actual supply of the WEMIX token.
The prosecution had alleged that Jang, while still in his role as CEO at Wemade, engaged in an illegal scheme involving the sale of over $200 million worth of WEMIX tokens between February and October 2022. It was claimed that Wemade failed to disclose these sales to the public or investors, thus violating South Korea’s Capital Markets Act.
However, the court found no proof of deliberate manipulation on Jang’s part, stating that there was no intent to mislead investors. This decision concludes nearly a year-long legal battle.
The WEMIX token price has plummeted 97% since its all-time high in November 2021, amid controversies surrounding regulatory compliance and investor trust issues. Despite the acquittal, it appears that these concerns are far from resolved, with no signs of recovery in the token’s value following the court’s ruling.
In related news, another recent incident has further tarnished the Wemade ecosystem’s reputation. A hack on the Play Bridge Vault resulted in the theft of over 8.6 million WEMIX tokens, causing losses exceeding $6 million. The Wemix Foundation was criticized for delaying the announcement of this breach, with some accusing them of attempting to conceal the incident. CEO Kim Seok-hwan dismissed these allegations, stating that the delay aimed to prevent sudden market disruption caused by the stolen assets.
The token’s value dropped 40% in the days following the hack, a further indication of the lack of trust and confidence in Wemade’s management practices.
In light of this acquittal, it remains uncertain whether Jang will be allowed to return to Wemade or any other cryptocurrency-related entities.
Source: coinchapter.com
