Mastermind of Ace Exchange Fraud Case Lin Genghong Denies Criminal Charges Argues for Entrepreneurship and Lack of Fraudulent Intent

Mastermind of Ace Exchange Fraud Case Lin Genghong Denies Criminal Charges Argues for Entrepreneurship and Lack of Fraudulent Intent

Mastermind of Ace Exchange Fraud Case Lin Genghong Denies Criminal Charges Argues for Entrepreneurship and Lack of Fraudulent Intent

According to the report by Hulunews, the ACE Exchange fraud case was first brought to trial on Thursday (6th) at the Taipei District Court. One of the main suspects, Lin Genghong, denied the crime and claimed that a former prosecutor told him that virtual currencies could be bought and sold but not defrauded, so he sought professional assistance to operate the exchange.

In April of this year, the founder of ACE Exchange, Pan Yizhang, lawyer Wang Chenhuan, Lin Genghong, and others were accused of deceiving victims into investing in virtual currencies that could not be liquidated, earning nearly 800 million New Taiwan dollars. They were subsequently charged with fraud and money laundering by the Taipei District Prosecutors Office.

Lin Genghong argued in court yesterday that a former prosecutor had told him that virtual currencies could be bought and sold, so he founded ACE Exchange under the guidance of Pan Yizhang, the founder of ABA Accelerator, which received subsidies from the Ministry of Economic Affairs and was assisted by KPMG. He emphasized that the executives and employees involved all possessed a high level of professional knowledge and conducted legal activities with the highest standards and strictest attitude. From the beginning, their intention was to create a cryptocurrency startup, not to deceive consumers through fraudulent means, so he had no intention of committing fraud.

According to reports, the suspects in this case used various methods, such as establishing the IMBA direct sales team and branches, spreading false news on online media, and manipulating coin prices on the exchange, to deceive the general public into investing in five types of virtual currencies, namely MOCT, CSO, FITC, NFTC, and BNAT.

Lin Genghong’s defense lawyer stated that the ACE Exchange case did not guarantee profits and all fund custody had complete records and documentation, with no intention of concealment or hiding. They also argued that the IMBA community was not established as a criminal organization for the purpose of committing fraud. Another lawyer stated that if Lin wanted to commit fraud, he could have used simpler methods without the need for such complexity.

In addition, according to the report by Mirror News, when Lin Genghong, the defendant in custody, was summoned to court yesterday, he made a “YA” gesture to the media. In addition to Lin Genghong and co-defendant Lin Ruojiao appearing in court, the mother and daughter who allegedly helped conceal the stolen money at the Yilan Temple were also summoned to court. The entire case is still under trial.

Source: Hulunews, Mirror News