the South Korean court ruled that the accusation of former CEO of blockchain gaming company Wemade, Jang Hyun-guk, manipulating the circulation of WEMIX cryptocurrency was not established. The prosecution accused Jang Hyun-guk of falsely announcing the suspension of the liquidation of WEMIX tokens to stabilize the price and boost investor confidence in the asset. However, the court did not find any clear evidence that he intended to manipulate the market.

The prosecution alleged that under the leadership of Jang Hyun-guk, Wemade unfairly sold over $200 million worth of WEMIX tokens on the market from February to October 2022, and failed to comply with disclosure requirements under the South Korean Capital Market Act. The company is suspected of using these tokens to invest in external funds and obtaining stablecoin loans using Wemix as collateral.