'WEMIX Circulation Manipulation Allegations' Henry Chang Acquitted Again on Appeal... "No Intent to Artificially Boost Prices"

[Financial News] Henry Chang, former CEO of Wemade (currently CEO of Nexth), who was tried on charges of manipulating the circulation of the virtual currency WEMIX, was acquitted in the second trial following his acquittal in the first trial.
On the 27th, the 13th Criminal Division of the Seoul High Court (Baek Kang-jin, Kim Sun-hee, Yoo Dong-gyun) acquitted the former CEO, who was indicted for violating the FSCMA. He had also been acquitted in the first trial.
The court explained, "There is no objective correlation between WEMIX and Wemade's stock price," adding, "The defendant had neither the intention nor the awareness to artificially boost Wemade's stock price."
Regarding the prosecution's claim of a correlation between Wemade's stock price and WEMIX, the court stated, "Correlation does not imply causation, and the fact that the two prices moved together appears to be due to Wemade's global game ecosystem linking the two values. It is difficult to conclude that Wemade's stock price was unilaterally influenced by the price of WEMIX alone."
The court further commented, "Although there are aspects of the initial judgment that were inappropriate, the conclusion is justified."
Henry Chang was indicted without detention on charges of making a false announcement in 2022 that the liquidation of WEMIX coins would be halted, leading investors to purchase WEMIX coins and thereby raising Wemade's stock price. WEMIX is a cryptocurrency designed to allow assets earned in Play to Earn (P2E) games to be converted into cash. WEMIX was listed on domestic cryptocurrency exchanges from 2020 until last year, but was delisted following a controversy over mass liquidation.
theknight@fnnews.com Jung Kyung-soo Reporter