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The South Korean court liberated Yang Hyun-Guk, former CEO of the game company Blockchain Wemade, handling Wemix Crypto Token.
Tuesday, local intelligence reports11 reported The fact that the Court of Southern the District Court ruled that Yang did not intend to influence the market prices of crypto by misleading means.
This decision clarified him of violating the laws on the country’s capital market and meant a significant legal victory for Yang, which is now working at Blockchain Nexus.
The prosecutors argued that Yang falsely announced the stopping of liquidation so that the Wemix tokens stabilized prices and cause investors’ confidence in the asset. However, the court found no clear evidence of the intention of manipulating the market.
Wemix token by 97% from its peak
5th August 2024 was yang accused For production fees and omitting information about the actual circulating delivery of Wemix tokens. He was accused of deceiving consumers and did not disclose the sale of tokens, although he promised to stop selling tokens in February 2022.
The prosecutors argued that under the leadership of Yang Wemade, he unjustly sold $ 200 million on the market from February to October 2022 without meeting the requirements for the publication of the Capital Market Act in South Korea. The company allegedly used tokens to invest in external funds and receiving Stablecoin loans, using Wemix as collateral.
In response to the controversy, the Alliance Digital Asset Exchange Alliance, a business group composed of the largest South Korean exchanges, Wemix Token excluded this step in December 2023 after the Central Court of Court approved this step.
The controversy concerning Yang has damaged investors’ confidence in the Wemade project. The Wemix token is now traded for $ 0.61, which is 97% decrease from the historically highest $ 24.71 21 November 2021.
Despite the judgment, the prosecutors may file an appeal to the higher court if they do not agree with the decision.
Caintelegraph approached Wemade to comment, but did not receive an answer before publishing.
Related: Bank Korea captivate “cautious access” to bitcoin reserve
WEMIX Foundation accused of covering in the middle of hack
In addition to the court case, the Wemix Token has face another controversyinvolving accusations of coverage after the main crypto hack.
28 February was more than 8.6 million tokens downloaded due to attack on the game bridge safe blockchain gaming platform.
Hack resulted in a crypto loss of more than $ 6 million. The company published information a few days later, which led to accusations of coverage.
However, the General Director of the Wemix Foundation Kim Seok-Hwan said that society does not intend to cover the attack. He said the announcement was delayed to avoid causing panic on the market due to stolen assets.
Despite Kim’s attempt to calm the markets of the token, almost 40% of the days after the attack fell.
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