According to online reports, a South Korean court has acquitted Jang Hyun-guk, former CEO of blockchain game company Wemmade, of manipulating the circulation of WEMIX cryptocurrency. Prosecutors allege that Jang Hyun-guk falsely announced a suspension of the liquidation of WEMIX tokens to stabilize prices and inspire investor confidence in the asset. However, the court did not find any clear evidence that he intended to manipulate the market. Prosecutors allege that under the leadership of Jang Hyun-guk, Wemmade unfairly sold WEMIX tokens worth more than US$200 million on the market between February and October 2022 and failed to comply with disclosure requirements under South Korea's Capital Market Law. The company is suspected of using the tokens to invest in external funds and using Wmix as collateral to obtain stablecoin loans.