Former Wemade CEO Henry Chang acquitted again in WEMIX case

Henry Chang, the former CEO of Wemade and current CEO of Nexus, has been acquitted on appeal of charges related to manipulating the circulating supply of the WEMIX cryptocurrency, ZDNet Korea reported. Prosecutors had accused Chang of making a false announcement in early 2022 that the company would halt the liquidation of its WEMIX holdings. This was alleged to have deceived investors into purchasing the token, thereby creating unquantifiable profits by boosting Wemade's stock price and supporting the value of WEMIX. Jang was first acquitted in July, but prosecutors appealed the verdict. The appeals court rejected the prosecution's argument, stating that Wemade's stock and the WEMIX virtual asset are subject to different legal regulations. The court found it difficult to conclude that the price of WEMIX unilaterally drove Wemade's stock price, noting that a legally significant and objective connection between the two would be necessary to constitute a violation of the Capital Markets Act based on statements about WEMIX alone.