According to the report by “Hui Liu News Network”, the Taipei District Court held the first trial on Thursday (6th) for the ACE Elite Exchange fraud case, one of the main suspects, Lin Genghong, denied the crime, arguing that the former prosecutor told him that virtual currency can be bought and sold but not defrauded, so he hired a professional team to operate.
In April of this year, the founder of ACE Exchange, Pan Yizhang, lawyer Wang Chenhuan, Lin Genghong and others were accused of luring victims to invest in virtual currencies that could not be cashed out, making a profit of nearly NT$800 million, and were prosecuted by the Taipei District Prosecutor’s Office for fraud and money laundering.
Lin Genghong argued in court yesterday that the former prosecutor told him that virtual currency can be bought and sold, so he founded the ACE Exchange, which was counseled by KPMG founded by Pan Yizhang, the founder of the ABA Accelerator subsidized by the Ministry of Economic Affairs, specializing in assisting blockchain and virtual currency. Lin Genghong also emphasized that the executives and employees involved have a high level of professional knowledge, and he conducted legal activities with the highest standards and strictest attitude, starting from the creation of virtual currency, definitely not deceiving consumers in a fraudulent manner, so he did not have the intention of fraud.
According to reports, the suspects in this case used IMBA direct sales teams and various branches to promote sales, spread false news on online media, manipulate currency prices on exchanges, and deceive the public to invest in purchasing five types of virtual currencies: MOCT, CSO, FITC, NFTC, and BNAT.
Lin Genghong’s defense lawyer stated that the ACE Exchange case does not guarantee profits, all fund custody has complete records and evidence, there is no intention to conceal or disguise, and the IMBA community was not established as a criminal organization for the purpose of committing fraud. Another lawyer also stated that if Lin wanted to commit fraud, he could have done it in a simpler way without making it so complicated.
Furthermore, according to the report by “Mirror News”, yesterday, when the re-arrested defendant Lin Genghong got off the prison car and walked into the court, he made a “YA” gesture to the media. In addition to Lin Genghong and defendant Lin Ruoqiao appearing in court, the mother and daughter of the Yilan sanctuary who were suspected of helping to conceal the stolen money were also summoned to court. The entire case is still under trial.
Source:
Hui Liu News Network
Mirror News