The Taipei District Prosecutor's Office formally filed a lawsuit on April 26. Following lawyer Wang Chenhuan's appearance in court, the Taipei District Court held a hearing on the 6th to indict Lin Genghong for the first time. Lin appeared in court and denied committing the crime, emphasizing that it is necessary to use the highest standards and the most rigorous attitude to develop virtual currencies. New creation is definitely not about defrauding others.

(The first trial of the ACE fraud case! The leader of the fraud group said he was "not guilty of issuing coins", the low-orbit satellite lawyer pleaded guilty, and the founder said he was only a "manager")

Lin Genghong said legal operation: a team with professional knowledge

According to udn reports, Lin Genghong emphasized that the participating supervisors and employees who wrote the white paper all have high professional knowledge and conduct legal operations with the highest standards and the most rigorous attitude.

Lin Genghong once sold virtual currencies such as IBcoin in the name of "Qianqiao Team", which became the basis of his defense in this case.

He pointed out that the prosecutor in the previous case had told him that virtual currencies could be bought and sold, so he found Pan Yizhang, the founder of the ABA accelerator, which was subsidized by the Ministry of Economic Affairs, and the Ace Exchange, which was mentored by KPMG, to professionally operate blockchain and virtual currency related businesses.

According to the footage excerpted by Mirror News, Lin Genghong even made the YA gesture arrogantly when he stepped out of the prison car.

Lawyers: If you really want to commit fraud, you won’t go to such trouble

Xie Xiechang, Lin Genghong’s lawyer, said that Ace Exchange does not guarantee profits. All funds are kept with complete record records and there is no intention to hide or cover up. The IMBA society is not a criminal organization established to commit fraud.

Another lawyer, Chen Weicheng, pointed out that if Lin Genghong wanted to commit fraud, there would be no need for such complicated operations. IMBA is not a tightly controlled organization. The chairman and branch president are both honorary titles. As long as the performance meets the standard, he is responsible for the profits and losses.

Lawyer Xue Qinfeng argued that the prosecutor's accusation that virtual currency has no value should bear the burden of proof. In addition, participating in the IMBA team requires passing an exam and is not just recruiting ordinary people to sell.

Prosecutor's accusation: Fraudulent techniques and concealment of cash flow

The prosecutor pointed out that Lin Genghong, Pan Yizhang, Lin Ruoqiao and others knew that virtual currencies such as MOCT, CSO, FITC, NFTC and BNAT were essentially codes, with low casting costs and no practical application prospects. After the virtual currency was put on the shelves, taking advantage of the public's lack of understanding of the principles and trading methods, an IMBA direct sales team and branches were established to promote the currency, and by spreading false news, manipulating currency prices and other means, they defrauded unspecified people into investing and purchasing, and defrauded the public. Approximately NT$800 million.

Lin Genghong and others instructed their subordinates to move and hide the illegal gains in batches throughout Shuangbei City, and then use them for other purposes. A total of more than 100 million yuan was used to purchase and operate Yilan's "Lotus Jingshe" real estate as a money laundering base. one. In addition, 43 million yuan was delivered to Wang Chenhuan, of which 26 million yuan was used as a capital increase for Ace Exchange and 17 million yuan was used as investment money for a Bangkok law firm. These operations created breakpoints in cash flow, concealed and concealed the proceeds of specific crimes, and thus carried out money laundering.

(ACE case: A well-known lawyer was involved in virtual currency fraud and money laundering, tens of millions of cash were seized, and the main suspect was his girlfriend’s McLaren supercar)

This article Lin Genghong, the suspected leader of the fraud group, first opened the court to argue that "new creation is not a fraud", and the media was more arrogant than YA. It appeared first on Chain News ABMedia.