Virtual asset trading platform fraud case makes new progress; three suspects granted continued bail

2025-12-18 10:38:15

【CoinPush】A recent development has emerged in a virtual asset trading platform scam case that is currently in court. Three men involved in the case were granted continued bail after their hearing at the Eastern District Magistrates’ Court — including 27-year-old student Yu Guanlin, 30-year-old Huang Zijian, and 30-year-old technician Deng Zhichong.

The charges against these three individuals vary. Yu Guanlin faces two money laundering charges involving a total of HKD 7.79 million. The case has been transferred to the District Court and is scheduled for mention on January 8 next year. The other two cases are even more complex — Huang Zijian is charged with obstructing justice. The prosecution alleges that during September 2023, he conspired with someone to dispose of items at a property on Cheung Shan Road, Cheung Sha Wan, in an attempt to hinder the authorities’ investigation.

Deng Zhichong faces more charges. He is accused of obstructing justice and money laundering, involving the disposal of items and documents inside a unit at Star House, Cheung Sha Wan, on September 28, 2023, as well as handling approximately HKD 880,000 in cash and two Rolex watches valued at about HKD 240,000. The cases against Huang Zijian and Deng Zhichong have been postponed to January 16 next year, when the Eastern District Court will continue the hearing, mainly awaiting the prosecution to prepare related transfer documents.

This scam case was first exposed in 2023 and involved as many as 16 defendants. This series of events serves as a reminder for investors to exercise caution and verify thoroughly when choosing virtual asset trading platforms.

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SleepyValidator

· 2025-12-21 09:33

7.79 million HKD Money Laundering? Dude, this level of spending is really bold. This crypto scam case is getting more and more ridiculous, even a student can pull off something this big... Continuing to renew bail, what is this playing at? Can't we just go to court directly? Destroying evidence like this, really thinks of himself as a gangster. Scams on virtual asset platforms should be severely punished, these people need to be accountable to users.

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MetaverseHomeless

· 2025-12-20 20:00

Another virtual asset transaction... 7.79 million HKD, this amount is really hefty. Students doing such things, what are they really after?

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pumpamentalist

· 2025-12-18 11:07

7.79 million HKD? So this is what they call a virtual asset platform... Luckily, I avoided these pitfalls long ago. After all that, it's still the same old story—money laundering, destroying evidence, truly unbelievable. Renewing bail? It seems the legal process is really slow, the hearing isn't until January next year. A student dares to get involved in such things; their courage is truly remarkable.

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LiquidityWitch

· 2025-12-18 11:02

ngl, 7.79m hk getting laundered through some sketchy trading platform... the transmutation ritual failed hard 😬 these guys really tried to brew forbidden alpha in broad daylight lmao

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BlockDetective

· 2025-12-18 10:53

7.79 million HKD money laundering? What's the background of this platform? The technician directly destroys evidence... If they weren't caught, no one would really know.

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BearEatsAll

· 2025-12-18 10:46

7.79 million HKD, how much money must have been laundered... By the way, how did this technician end up with two charges? They've really been busy with work.

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SybilAttackVictim

· 2025-12-18 10:45

Another virtual asset trading platform... When will this routine finally stop? 7.79 million HKD was just washed out like that? Technicians involved in destroying evidence, it seems everything from top to bottom is rotten.

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