WEMIX Trial Ends: Former Wemade CEO Walks Free After Court Ruling

On July 15, the Seoul Southern District Court ruled there was no clear intent on his part to mislead investors or influence the market through false information.

Prosecutors had argued that Jang gave a misleading impression of WEMIX’s supply and paused sales announcements to keep prices steady. They also claimed he hid the scale of token sales after promising in early 2022 to stop selling.

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However, the court decided there was not enough evidence to show he acted to deceive or manipulate.

In August 2024, Jang was officially charged with hiding or changing information about how many WEMIX tokens were in circulation.

Investigators said that between February and October 2022, more than $200 million worth of tokens were sold without the required public updates. These funds were then used by the company to invest elsewhere and to borrow stablecoins using WEMIX as collateral.

In December 2023, the WEMIX token was removed from major South Korean crypto platforms after a decision by the Seoul Central District Court allowed the country’s top exchanges to delist it.

This followed the accusations and growing concerns from users about how the project was being handled.

Recently, a legal case targeting Dolce & Gabbana’s US division over a failed non-fungible token (NFT) venture has been dismissed. How? Read the full story.