BrickLaying Fraud Conviction Taiwans Ton EcoMember Receives FiveYear Suspended Sentence Highlighting Regulatory Gaps in Virtual Asset Management Companies
According to the court judgment, Zou Beichen, under the instruction of Wang Tingyou, designed a set of internal and external account systems and performance equalization programs to conceal the actual losses incurred during the operation of the brick-moving program. This system presented customers with an untrue virtual currency holding amount and spread the daily trading losses evenly with profits from other trading days, creating a false daily profit illusion. Eventually, Block Company disclosed the truth on June 1, 2018, as it could not sustain the false profit illusion.
