Summary
- The cryptocurrency Kross reportedly soared 23.02% intraday ahead of the first trial verdict for former Wemade CEO Jang Hyun-guk.
- The Seoul Southern District Court announced that it would deliver the first trial verdict today regarding CEO Jang Hyun-guk and Wemade's alleged violations of the Capital Markets Act.
- It was reported that the market was greatly impacted by the five-year prison sentence and fines sought against CEO Jang.
The cryptocurrency Kross (CROSS) is displaying strong intraday gains. Volatility has increased ahead of the first trial verdict for Jang Hyun-guk, former CEO of Wemade (current CEO of Nexxus).
As of 1:58 p.m. on the 15th (KST), Kross is trading at $0.1718, up 23.02% from the previous day.
According to the industry, the 13th Criminal Division of the Seoul Southern District Court will deliver its first trial verdict at 2 p.m. today on the Capital Markets Act violation charges against CEO Jang and Wemade. Prosecutors previously sought a five-year prison sentence for Jang. They also requested fines of ₩200 million and ₩500 million for Jang and Wemade, respectively.
In August last year, Jang was indicted on charges of falsely announcing in early 2022 that the liquidation of WEMIX coin would be halted, which led investors to purchase WEMIX coins and caused Wemade's stock price to rise while preventing the decline of WEMIX's price.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
