The court in South Korea was acquitted by Jang Hyun-Guk, former general director of Blockchain Gaming, WEMADE, for manipulating the circulation of the WEMIX Crypto token.
On Tuesday, local news from the news 1 Reported that Soul Southern Resion Court ruled that Jang did not intend to influence the market prices of cryptocurrencies using deceitful means.
This ruling cleared him on violating the regulations regarding the country’s capital market, meaning a significant legal victory for Janga, which currently works at Blockchain Gaming Nexus.
Prosecutors claimed that Yang falsely announced the retention of the liquidation of WEMIX tokens in order to stabilize prices and evoke the investor’s trust in assets. However, the court did not find clear evidence of the intention to manipulate the market.
Wemix token fell by 97% from the top
On August 5, 2024, Jang was accused under the fees of producing and skipping information about the actual circulation of WEMIX tokens. He was accused of cheating consumers and did not disclose to sell tokens, even though he promised to stop selling tokens in February 2022.
Prosecutors claimed that under the leadership of Janga Wemade, he unjustly sold over $ 200 million on WEMIX tokens on the market from February to October 2022, not observing the requirements for disclosing information about the capital market in South Korea. The company allegedly used tokens to invest in external funds and receiving Stablecoin loans, using WEMIX as a collateral.
In response to controversy, Digital Asset Exchange Alliance, a trading group consisting of South Korea’s largest exchanges, removed the WEMIX token in December 2023, after the Central District Court in Seoul approved this movement.
The controversy with Janga’s participation was hurt by the investor’s trust in the Wemade project. The WEMIX token is now trading by 0.61 USD, which is a 97% decrease compared to the highest level in history USD 24.71 on November 21, 2021.
Despite the judgment, prosecutors may appeal to a higher -level court if they do not agree with the decision.
Cointelegraph contacted the web to comments, but did not receive a response before the publication.
Related: Korea Bank to accept a “cautious approach” to the Bitcoin reserve
The Wemixa Foundation accused of covering up among the hacking
In addition to the court case, WEMIX token faced another controversy, covering the allegations of covering up after high cryptographic hacking.
On February 28, over 8.6 million tokens were withdrawn due to the attack on Play Bridge Vault Blockchain.
Hack caused over $ 6 million cryptographic losses. The company revealed information a few days later, leading to imprisonment.
However, the general director of Wemix Foundation, Kim Seok-Hwan, said that the company was not going to hide the attack. He said that the advertisement was delayed to avoid panic on the market due to stolen assets.
Despite the attempt to serene the Kim markets, the price of the token fell almost 40% of the days after the attack.
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