All appeals are dismissed.

The grounds of appeal are examined (to the extent of supplement in case of Defendant B’s supplemental appellate brief not timely filed).

1. As to the uttering of private electromagnetic records, etc.

A. The summary of the case and the summary of the facts charged are as follows. Defendant A is a stock company E (hereinafter “E”) which is an operating company of the virtual currency exchange.

As the representative director of the company, overall management of the company’s business was performed by Defendant B as an internal director of the company, and Defendant B managed the company’s funds, etc. Around January 5, 2018, the Defendants are the Internet virtual currency exchange (hereinafter “instant exchange”).

2) The instant transaction system is the virtual currency transaction system in which many members establish and establish E and use the same in the exchange (hereinafter “instant transaction system”).

(2) For the purpose of developing trading orders by using the trading order and, accordingly, making transactions active, creating a borrowed account in the above trading system and holding the borrowed account in Korean won (KRW) and virtual currency (hereinafter referred to as “original currency, etc.”).

(2) As such, won points and virtual currency points (hereinafter referred to as “originalized points, etc.”) are held.

(A) On January 5, 2018, immediately before the opening of the exchange of this case, the Defendants: (a) connected to the manager account of the trading system of this case in order to create the borrowed name account necessary for the operation of the “ubot program” and the Korean won point; (b) generated five borrowed name accounts (ID) composed of the members, “M”, and “A”, etc., throughout 30 times in total, using the automatic order program, which is called as the “sibing program” or “marketing program.”