Former Wemade CEO Jang Hyun-guk Indicted for Wemix Fraud
CryptoNewsTerminal Staff04 Aug, 2024
Former Wemade CEO Jang Hyun-guk Indicted for Wemix Fraud
Prosecutors have indicted former Wemade CEO Jang Hyun-guk for alleged fraudulent misconduct related to the company's Wemix cryptocurrency. Jang Hyun-guk was arrested earlier this year on suspicion of manipulating the price of Wemix tokens through wash trading and other illicit activities. The indictment marks a significant development in the ongoing investigation into Wemade's cryptocurrency dealings. If convicted, Jang Hyun-guk could face substantial penalties, including imprisonment and fines. The indictment comes amid heightened scrutiny of cryptocurrency exchanges and digital asset markets by regulatory authorities worldwide. Wemade has not yet publicly commented on the indictment. We will continue to monitor the situation and provide updates as they become available.
