"Personal Reasons"
Jang Hyun-guk, CEO of Wemade, is giving an interview at Wemade headquarters in Seongnam, Gyeonggi Province on the 3rd. / Seongnam - Photo by Kang Jin-hyung aymsdream@
Jang Hyun-guk, Vice Chairman of Wemade, has stepped down from his position as CEO of Wemade Max.
On the 6th, Wemade Max announced that CEO Jang Hyun-guk resigned due to personal reasons. Accordingly, Wemade Max has transitioned to a sole CEO system under Lee Gil-hyung.
This personnel change appears to be influenced by Jang's ongoing legal issues. Previously, on the 5th, the Seoul Southern District Prosecutors' Office indicted former CEO Jang and the Wemade corporation without detention on charges of violating the Capital Markets Act.
The prosecution alleges that in January 2022, when Jang was CEO, Wemade distributed a large volume of its cryptocurrency, WEMIX, into the market. After the prices of WEMIX and Wemade stocks plummeted, Jang falsely announced the suspension of WEMIX coin liquidity, causing numerous unspecified investors to purchase WEMIX coins.
In March, Jang stepped down from the CEO position following the return of Wemade founder Park Kwan-ho to the management front line. Subsequently, Jang sold all of his Wemade shares amounting to 1.08% (approximately 15.477 billion KRW), leading industry insiders to speculate that he was effectively preparing to leave the company.
Jang is currently preparing for his trial. His first hearing is scheduled for the 24th at the Seoul Southern District Court.
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