Jang Hyun-kook, former CEO of WeMade (photo= YouTube capture)

 

[Alpha Biz= Reporter Kim Jisun] Jang Hyun-guk, the former CEO of Wemade, has been indicted without detention on charges related to the manipulation of the circulation of Wemade's cryptocurrency, WEMIX.

The Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office, led by Chief Prosecutor Kim Soo-hong, announced on August 5 that Jang and Wemade have been charged with violations of the Capital Markets Act.

According to the prosecution, Jang is accused of falsely announcing the suspension of WEMIX liquidity from January to February 2022, misleading investors into purchasing WEMIX and thus gaining unfair profits.

Investors had previously filed a complaint against Jang in May of last year, accusing him of fraud and deceptive trading practices under the Capital Markets Act. They claimed that Wemade deceived investors with intentional misinformation about WEMIX’s circulation, causing significant financial damage.

A Wemade representative stated, "We will respond to the charges after confirming the specific details of the indictment."

Jang Hyun-guk abruptly resigned from his role as CEO of Wemade in March, with nearly two years remaining in his term. He also stepped down from positions at WEMIX Korea, Jeonki IP, and Wemade M, but remains a co-CEO at Wemade Max.

 

 

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