South Korean Court Acquits Former Wemade CEO in WEMIX Token Manipulation Case

According to Cointelegraph, the Seoul Southern District Court in South Korea has ruled that former Wemade CEO Jang Hyun-guk is not guilty in the $WEMIX token circulation manipulation case. The court held that Jang had no intention of influencing cryptocurrency market prices through deceptive means, and therefore did not violate South Korea's Capital Markets Act. Prosecutors had accused Jang of falsely announcing a suspension of $WEMIX token liquidation to stabilize prices and boost investor confidence, and also accused him of secretly selling more than $200 million worth of $WEMIX tokens between February and October 2022. However, the court found no clear evidence of his intention to manipulate the market. [Foresight News]