Jang Hyun-guk: "Confident of Innocence on Appeal... Full Focus on CROSS Business" [Cointerview]

Interview with Jang Hyun-guk, CEO of Nexus

"Confident of Innocence in Second Trial Verdict"

A New Start with the Blockchain Gaming Platform 'CROSS'

Dual Strategy: Games & Stablecoins

Focus on Exchange Listings... Emphasizing 'Transparency'

"I have been confident of my innocence from the moment I was indicted. Now that the legal risks are behind me, I plan to fully focus on the CROSS business."

Jang Hyun-guk, CEO of Nexus (pictured), stated this during an interview with BloomingBit on the 31st. Since 2014, he served as CEO of Wemade for 10 years, leading blockchain game projects based on WEMIX and global hits such as 'MIR4 Global' and 'Night Crows.' Later, he left Wemade and took up the role of co-CEO at Nexus (formerly Action Square) this January.

We heard from CEO Jang his stance on issues related to WEMIX and Wemade, and the future business plans for Nexus and CROSS.

"Confident of Innocence in Second Verdict"

At the beginning of 2022, Jang was indicted without detention in August last year on charges of falsely announcing the suspension of the liquidity (cash-out) of the cryptocurrency WEMIX and intentionally inflating Wemade's stock price. However, the court ruled that the charges were unsubstantiated and returned a not guilty verdict at the first trial, held on the 15th of last month.

Jang stated there was absolutely no intention to boost the stock price through the announcement of suspending WEMIX liquidity. "At the time, it was a measure taken to protect investors," he said, "and there was no causal relationship with stock price increases." He explained that restricting WEMIX liquidity would actually hinder mergers and acquisitions or investments, so interpreting this positively and claiming that this caused the share price to rise was illogical.

He continued, "To establish a violation of capital market laws, there needs to be a way to gain undue profits from such statements, but I was, in fact, steadily purchasing WEMIX personally," adding, "There was no motive whatsoever to manipulate the share price artificially."

Regarding the prosecutor's appeal, he was confident that the second trial would reach the same verdict. Jang said, "The prosecution has appealed the first trial verdict, but no new issues were raised in the appeal," adding, "I believe the not guilty verdict will stand on appeal as well."

However, Jang expressed sincere sympathy to investors who believed in him and invested in WEMIX and Wemade. "I feel a heavy sense of responsibility for investors' losses and hardship," he said. "While some criticisms were not factual, I humbly accept those based on facts and want to deliver better results going forward."

"Full Focus on the CROSS Business"

With part of the legal risks resolved by the first not guilty verdict, Jang announced plans to fully focus on the business development of Nexus and its cryptocurrency CROSS. "Due to the trial, I had limitations in communicating with overseas partners," he said. "Now that the environment allows me to focus, I will push forward the CROSS business in earnest."

CROSS, operated by Nexus, is a blockchain gaming platform. It selects games that want to enter Web3, onboards them on the platform, and provides users with high-quality games. CROSS's first onboarded game, 'Ragnarok: Monster World,' launched last April, and various new titles like 'Rohan 2', 'Rappelz M', and 'Dungeon & Breaker' are scheduled for sequential release.

In response to comments that, unlike WEMIX, CROSS does not have its own intellectual property (IP), he emphasized this could be an advantage for the platform's fairness and scalability. Jang explained, "Relying on proprietary IP makes external partners suspicious that only certain games will be favored," and added, "CROSS aims for a structure where partner games take center stage. The platform should be operated fairly and openly to create a true ecosystem."

Additionally, Jang presented strategies for expanding the CROSS ecosystem, including ▲issuing stablecoins and ▲providing AI-based game development tools.

Currently, CROSS has registered its own KRW-based stablecoin, 'KRWx,' on BNB Chain and completed domestic trademark filing. In particular, Nexus has newly recruited Ahn Jung-hyun—a former employee of Toss Bank and Naver Pay—as the new Vice President in charge of the stablecoin business. Jang said, "KRWx will serve as a bridge between game/content consumption and global payments," adding, "For stablecoins, demand is more important than capital, and Nexus excels in demand."

Pushing for Exchange Listings... "Transparency is Key"

Jang also stated that he is working hard on exchange listings to increase investment accessibility in CROSS. Previously, on the 4th, CROSS was listed on Binance Alpha—the new coin exchange from the world's largest crypto exchange, Binance—followed by a listing on the domestic exchange Korbit on the 25th.

Based on his experience operating WEMIX, Jang realized the importance of trust built through transparent operations. "CROSS is the world's first cryptocurrency to conduct public and private sales at the same price ($0.1)," he said, "and since I also personally purchased tokens at the same price, I feel more responsible for the success or failure of the project than anyone."