The Seoul Southern District Court's ruling highlights the challenges in proving intent in cryptocurrency market manipulation cases, as WEMIX continues its steep decline.
The Seoul Southern District Court ruled that Jang Hyun-guk, former CEO of Wemade, is not guilty of fraudulently manipulating the WEMIX cryptocurrency market, citing insufficient evidence of intent. Prosecutors accused him of falsely announcing a halt in WEMIX token liquidation, but the court found no clear proof of his intent to manipulate prices. WEMIX has dropped 97% from its peak, now trading at $0.63, and an appeal from prosecutors is possible.