The judgment of the court below is reversed.

Defendant

A Imprisonment with prison labor for three years and six months, and for six years, respectively.

Defendants.

1. Summary of grounds for appeal;

A. The Defendants (misunderstanding of facts and misunderstanding of sentencing) 1) Fact-finding (the fraud) did not err by deceiving the victims in the same manner as stated in paragraph (1) of the crime committed in the judgment below, thereby deceiving them to acquire investments from the victims.

Nevertheless, the court below found the defendant guilty of this part of the crime without the prosecutor's sufficient proof, and the court below erred by misunderstanding the facts and affecting the judgment.

① Many members, including the Defendants, attend the events held at the C head office or held at the head office, and directly examine the face of the crowdfunding by the artificial intelligence “D” on their own. C means daily allowances, recommendation allowances, support allowances, rating allowances, etc. paid to members, who are engaged in global activities from January 2016 to March 201, and who receive profits from C to its members.

Since C is paid, the substance of C is unclear, or the profit-making business is not considered as a hub.

② The Defendants did not explain the business to investors in the opening process or event of a branch, etc. with the content of principal guarantee, fixed interest rate, high-profit, etc., which may be known through a photograph attached to the warning letter submitted by the Defendants, a lecture photo, a record of recording, etc.

③ Members, at any time by applying for Poutout (pathout) to C, expressed the Defendants’ points in C’s accounts as “non-co-owners indicated in USD.” However, as seen earlier, members, as in the lower judgment, did not themselves become a non-co-owner capable of realizing money in cash in the Exchange, even before members applied for Poutout and receive payment as a non-co-owner’s account.

Since Eul can be converted into non-tecoin and converted into cash, points per se contain economic value representing non-tecoin.

but the change of the bitcos continuously.