Ex-Wemade CEO Cleared in Wemix Crypto Market Manipulation Case

The 13th Criminal Division of the Seoul Southern District Court has cleared Jang Hyun-guk in the crypto market manipulation case.

He is the former CEO of Wemade and current CEO of Nexus, a blockchain project that aims to create a decentralized internet and operating system.

According to a local news media outlet, News1, Hyun-guk was found not guilty in the first trial. The report also revealed that in August of last year, the former CEO Jang was charged but not jailed.

Court Frees Hyun-guk

Furthermore, authorities claim he fabricated news about halting Wemix cash-outs to attract more people to purchase the coin. The idea was to prevent Wemade’s stock from dropping and to maintain Wemix’s price as well.

“It is difficult to see that he made the statement to stop the liquidation in this case with the purpose of preventing a decline in stock price,” the court said.

Meanwhile, the preliminary court ruling supported the Nexus executive, signaling judicial approval for the blockchain enterprise he is actively developing.

Additionally, the court ruled that former CEO Hyun-guk’s comments about halting cash-out functions were not intended to manipulate market values or exert hierarchical control.

Also, there has been an alarming increase in company executives accused of market manipulation practices. This act is illegal and may incur a punishable response from the court. If found guilty, it means a lengthy prison sentence.

Expanding the Blockchain Gaming Frontier

Following his appointment as CEO of Nexus in early 2025, Jang has focused on developing its blockchain gaming and stablecoin ventures.  With the launch of its in-house blockchain platform ‘CROSS’, Nexus has begun extending its digital ecosystem. The creation of the Open Game Foundation (OGF) in Zug, Switzerland, this January, marked a foundational step in anchoring the CROSS infrastructure.

Cross, the flagship token from OGF, is making waves in the digital asset market. It has also secured listings on prominent exchanges like Binance Alpha, Bitget, KuCoin, and MEXC. This signals broader adoption and visibility.

Moreover, Nexus plans to introduce several blockchain games by the end of the year. It also plans to incorporate blockchain technology into every game it develops.

“I am the person who believes in blockchain games the most in the world, and I am convincing investors that we will do better because we are doing what we have done before,” Hyun-guk wrote.

The post Ex-Wemade CEO Cleared in Wemix Crypto Market Manipulation Case appeared first on Cointab.