TechFlow, July 15 — According to Cointelegraph, the Seoul Southern District Court has ruled that Jang Hyun-guk, former CEO of blockchain gaming company Wemade, is not guilty in the WEMIX token market manipulation case. The court found 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 halt to WEMIX token liquidation to stabilize its price and boost investor confidence, as well as secretly selling over $200 million worth of WEMIX tokens between February and October 2022.
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