South Korean court acquits Wemade's former CEO in Wemix manipulation case
2025/07/15 16:52
PANews reported on July 15 that according to South Korean media News1, the Seoul Southern District Court ruled that Wemade's former CEO Jang Hyun-guk was not guilty and did not find that he intended to manipulate the WEMIX cryptocurrency market price through fraudulent means. It is reported that the prosecution accused Jang Hyun-guk of falsely announcing the suspension of WEMIX token liquidation to stabilize prices and induce investor confidence, but the court believed that there was a lack of clear evidence to prove his intention to manipulate the market.
WEMIX tokens have fallen 97% since their all-time high and are now trading at $0.63. Prosecutors can still appeal the ruling.
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