South Korean Court Acquits Former Wemade CEO in Wemix Case
According to ChainCatcher, citing a report from Cointelegraph, the Seoul Southern District Court ruled on Tuesday that former Wemade CEO Jang Hyun-guk was not guilty of manipulating the circulation of WEMIX tokens.
Prosecutors had accused him of concealing the continued sale of over $200 million worth of tokens in 2022, but the court found insufficient evidence of intentional market manipulation. Following the news, WEMIX saw a short-term surge, but it remains down about 97% from its 2021 peak.
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