Jang Hyun-guk, the former CEO of Wemade (now NEXUS), has been acquitted once again. Following his initial victory, the appellate court has cleared him of charges regarding the alleged manipulation of WEMIX cryptocurrency circulation.

On the afternoon of the 27th, the 13th Criminal Division of the Seoul High Court dismissed the prosecution's appeal, upholding the not-guilty verdict for the former CEO, who had been charged with violating the Capital Markets Act. The court noted that while there might be a correlation between WEMIX prices and Wemade stock, a causal link is absent, effectively rejecting the prosecution's argument just as the lower court did.

Jang was indicted without detention in August last year. The prosecution claimed that in early 2022, he misled investors by announcing a halt to WEMIX coin liquidations to boost Wemade's share price and prevent a crash in WEMIX values. Throughout the legal proceedings, Jang has consistently maintained his innocence.

In the July first-instance trial, the court concluded that roughly 80% of Wemade's operating profit stemmed from its gaming division, dismissing the idea that the 2021 stock surge was purely driven by WEMIX. The judges further ruled that a drop in WEMIX prices does not necessarily equate to a drop in Wemade’s share value. The second trial has arrived at the exact same conclusion.

Since departing Wemade, Jang took the helm at the local game firm Action Square earlier this year and rebranded it to NEXUS. He is currently doubling down on blockchain gaming, notably issuing the cryptocurrency CROSS through the Swiss-based affiliate Open Game Foundation.