Thomas Daniels
After nearly a year of legal proceedings, a South Korean court acquitted Jang Hyun‑guk, the former CEO of blockchain gaming firm Wemade, of market manipulation charges related to the WEMIX token.
The Seoul Southern District Court determined that Jang had no intention of using deceptive methods to manipulate WEMIX’s market price . Prosecutors had alleged that he falsely announced a halt in token liquidations to inflate prices and bolster investor confidence, but the court found no evidence of misleading intent .
In August 2024, Jang was indicted for allegedly fabricating and omitting information about the circulating supply of WEMIX, misleading consumers and failing to disclose token sales, despite a pledge to halt them in February 2022 . Prosecutors also accused Wemade, under Jang’s leadership, of selling over $200 million in tokens from February to October 2022 without proper disclosure, allegedly using them as collateral for stablecoin loans and external investments .
Following the indictment, the Digital Asset eXchange Alliance delisted WEMIX in December 2023, a decision sanctioned by the Seoul Central District Court . The token’s reputation took a serious blow—currently trading at $0.61, down 97% from its $24.71 high on Nov. 21, 2021 .
Although Jang now works for the blockchain gaming firm Nexus, prosecutors retain the option to appeal . Cointelegraph contacted Wemade for comment but had not heard back prior to publication .
WEMIX Hack & Cover‑Up Allegations
Separately, WEMIX endured a major security breach on Feb. 28, when 8.6 million tokens (~$6 million) were stolen from its Play Bridge Vault . Critics accused the Wemix Foundation of concealing the hack, as public disclosure came days later. Foundation CEO Kim Seok‑hwan refuted this, stating the delay was meant to avoid market panic, not hide facts . Nevertheless, the WEMIX price plunged nearly 40% in the days afterward .
