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The South Korean court ruled the former CEO of Wemade not guilty in the Wemix manipulation case.
PANews reported on July 15 that the Southern District Court of Seoul, South Korea, has ruled that former Wemade CEO Jang Hyun-guk is not guilty, finding no intention to manipulate the WEMIX Crypto Assets market price through fraudulent means. It is reported that the prosecution accused Jang Hyun-guk of falsely announcing the suspension of WEMIX Token liquidation to stabilize prices and induce investor confidence, but the court found a lack of clear evidence to prove his intention to manipulate the market. The WEMIX Token has fallen 97% from its historical high, currently priced at 0.63 USD. The prosecution can still appeal the ruling.