South Korean court acquits former Wemade CEO in Wemix fraud case

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According to ChainCatcher and Cointelegraph, the Seoul Southern District Court ruled on Tuesday that the allegations against Jang Hyun-guk, former CEO of Wemade, for manipulating WEMIX token circulation were not established.

The prosecution accused him of concealing the continued sale of over $200 million in tokens in 2022, but the court found insufficient evidence of intentional market manipulation. Following this news, WEMIX saw a short-term price increase, but remains approximately 97% down from its 2021 peak.

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