The South Korean court acquits former Wemade CEO in the Wemix case

ChainCatcher news, according to Cointelegraph, the Southern District Court of Seoul ruled on Tuesday that the charges against former Wemade CEO Jang Hyun-guk for manipulating the circulation of WEMIX tokens were not established.

The prosecution accused him of concealing the fact that he continued to sell over $200 million worth of tokens in 2022, but the court found a lack of evidence for intentional market manipulation. Following this news, WEMIX saw a short-term surge, but it is still down about 97% from its peak in 2021.