虚拟数字货币资金盘诈骗、传销、非法集资怎么判刑
What's the sentence for virtual digital money bank fraud, distribution, illegal fund-raising?
区块链犯罪研究
Research on block-link crime
本文分两部分：
The paper is divided into two parts:
第一部分：发行销售虚拟货币、矿机，利用虚拟货币融资的犯罪风险及定罪量刑标准。
Part I: Issuance and sale of virtual money, mine machines, criminal risk and sentencing criteria for using virtual currency financing.
第二部分：如何化解风险，争取无罪和罪轻的处罚。
Part II: How to address the risk of impunity and punishment for misdemeanours.
摘要：以区块链名义发行虚拟货币、通证、挖矿机合法吗？利用虚拟货币融资合法吗？构成什么犯罪？利用虚拟数字货币吸收公众存款罪怎么判刑判几年？利用虚拟货币集资诈骗如何认定判多久？利用虚拟货币传销被抓判多少年？如何定罪量刑？发行空气币山寨币、搭建虚拟货币资金盘诈骗被抓怎么判刑？
Abstract: Is it legal to issue virtual money in the name of a block chain, a pass, a miner? Is it legal to finance virtual money? What is a crime? How will the sentence be for a few years for using virtual digital money to absorb public deposits? How long will the sentence be for using virtual money-assembly fraud? How long will the sentence be?
张洪强律师经验总结，禁止任何形式的转载复制剽窃。
The experience of lawyers in Zhang Hongqiang prohibits any form of reproducing and plagiarizing.
第一部分：发行、销售虚拟货币、矿机，利用虚拟货币融资的犯罪风险以及定罪量刑标准
Part I: Issuance, sale of virtual money, mining machines, criminal risk of using virtual currency financing and sentencing criteria for convictions
问题1、发行虚拟货币是否违法？
Question 1. Is it illegal to issue virtual currency?
在我国境内不允许虚拟货币的场内、场外发行，目前在国内发行、场外发行数字货币都是违法的。
Intra- and off-site distribution of virtual currency is not permitted in our territory, and it is now illegal to issue digital currency in-country and off-site.
问题2：发行虚拟货币、利用虚拟货币融资违反的法律有哪些？被调查后会被判刑吗？
question 2: What are the laws that contravene the issuance of virtual currency and the use of virtual currency to finance it? Will the investigation lead to a conviction?
利用虚拟货币非法集资、诈骗、传销的案件属于新型网络犯罪，存在取证难、定性难的问题，即使被立案调查，最终不一定会被判刑，有可能因事实不清、证据不足被撤案。
Cases involving the use of virtual currency for illicit collection, fraud and distribution are new types of cybercrime, and there are difficulties in obtaining evidence and characterization, which, even if investigated, may not always lead to a conviction and may be dismissed for lack of clarity of fact and lack of evidence.
首先：定性难，定性争议大。
First, characterization is difficult and highly controversial.
虚拟货币涉非法集资、诈骗、传销案件，多以各种合法形式掩盖，表现形式多样，真实项目与虚假承诺、正常交易与违规操作交织混合，行为人往往在代币交易的基础上附加设计了各种交易条件、交易规则，使得案件事实错综复杂，具有很强隐蔽性，迷惑性，对该类案件的打击取证、司法认定存在诸多问题。
Virtual currency cases involving illegal collection of funds, fraud and distribution, often concealed in various legal forms and manifested in a variety of forms, were mixed with false promises, regular transactions and irregularities, and the perpetrators often attached various terms and conditions and rules to the transaction on the basis of token transactions, making the facts of the case complex and confusing and confusing, and there were problems in the fight against forensic evidence and judicial findings in that category.
目前，针对数字货币，我国并没有出台专门的法律或行政法规，“九四公告”与《关于防范以“虚拟货币”“区块链”名义进行非法集资的风险提示》、《关于防范代币发行融资风险的公告》等既不属于行政法规，也不是法律，其仅是各主管部门联合发布的规范性文件，具有规范效力，但并不是真正的法律文本。
At present, there are no specific laws or administrative regulations in place for digital currency, such as the 94th Proclamation, which is neither an administrative regulation nor a law, nor is it a regulatory instrument issued jointly by the competent authorities, but is not a genuine legal text, on protection against the risk of illegal fund-raising in the name of the “virtual currency” “block chain”.
其次，取证难。
Secondly, it is difficult to obtain evidence.
虚拟货币非法集资、诈骗、传销案件涉案人数众多、民刑法律关系交织、涉案财产来源去向多元化，在加上涉案人员一般具有一定的反侦察能力，电子证据容易被删除、修改，导致众多电子证据、书证、财务数据存在被销毁、删改、隐匿、伪造的可能性。
The large number of cases involving the illegal collection, fraud, distribution of virtual money, the interwoven legal relationships of civil justice, the diversity of sources of property involved, together with the general counter-detection capabilities of the persons involved, make it easier to delete and modify electronic evidence, leading to the destruction of numerous electronic evidence, documentary evidence, financial data, the possibility of their removal, concealment and forgery.
问题3：发行、销售虚拟货币，利用区块链名义融资的高风险行为有哪些？
Question 3: What are the high-risk behaviours of issuing and selling virtual currencies and financing in the name of block chains?
①发行没有价值的空气币、山寨币，通过直播间、股票交流群、微信群等各种渠道诱导投资者在虚假黑平台进行投资,诱导入金、喊单、锁仓、不让出金、后台操纵等方式让客户亏损，涉嫌诈骗罪。
The issuance of non-valued air currency, bouncing currency, inducing investors to invest in false black platforms through a variety of channels, such as live studios, stock exchange groups, micro-message, luring customers to lose money, shouting orders, locking up warehouses, preventing money from being paid and backstage manipulation, etc., is suspected of fraud.
②以研发新区块链币种为名，吸引投资人金融交易，承诺以还本付息等形式给予回报，向社会公众吸收资金或者变相吸收资金的行为，涉嫌非法吸收公众存款罪。
In the name of the development of a new block chain currency, to attract investors to financial transactions, to pledge returns in the form of debt service, etc., to absorb funds from the public, or otherwise, to the public at large, and to be suspected of illegally absorbing public deposits.
③发行没有价值、虚假流通币种，变相吸收公众存款，全部或者大部分集资款没有用于正常经营的，涉嫌集资诈骗罪。
The issuance is of no value or a false currency, the appearance of public deposits and the fact that all or most of the funds collected have not been used for the proper conduct of business, and is suspected of financing fraud.
④在发行销售虚拟货币的过程中，以承诺高收益为诱饵，引诱他人购买一定数量的“虚拟货币”，取得会员资格，引诱已有会员发展其他人购买一定数量的“虚拟货币”作为下线，并计算报酬，达到参与人员 30 人以上且层级 3 级以上的，涉嫌组织、领导传销活动罪。
In the process of issuing and selling a virtual currency, the promise of high returns is used as a bait to induce others to purchase a certain amount of “virtual currency”, to acquire membership, to induce members to develop a certain amount of “virtual currency” to be bought by others, and to calculate their remuneration to 30 participants and above level 3 for organizing and leading distribution activities.
⑤以发行虚拟货币为名，向社会不特定对象发行或者变相发行股票或公司、企业债券，或者向特定对象发行、变相发行股票或者公司、企业债券，涉嫌擅自发行股票、公司、企业债券罪。
In the name of the issuance of a virtual currency, the issuance of shares or corporate, corporate or corporate bonds to a specific target or the issuance of shares or corporate or corporate bonds to a specific target is suspected of unauthorized issuance of shares, companies or corporate bonds.
问题4、发行虚拟货币被抓判几年？利用虚拟货币融资涉嫌集资诈骗罪、非法吸收公众存款罪、诈骗罪、传销犯罪怎么判刑？具体定罪量刑标准。
Question 4, How many years have you been caught issuing a virtual currency? How will you be punished for using a virtual currency to finance suspected capital fraud, illegal absorption of public deposits, fraud, distribution offences?
①涉嫌诈骗罪：诈骗犯罪数额3000元以上的，可以在三个月拘役至六个月有期徒刑幅度内确定量刑起点。诈骗犯罪数额达到3万元的，或者有其他严重情节的，可以在三年至四年有期徒刑幅度内确定量刑起点。数额达到50万，可以在十年至十二年有期徒刑幅度内确定量刑起点。
If the offence of fraud amounts to $30,000 or more, the starting point of the sentence may be set within the range of three to six months' imprisonment.
②涉嫌非法吸收公众存款罪：扰乱金融秩序的，处三年以下有期徒刑或者拘役；数额巨大或者有其他严重情节的，处三年以上十年以下有期徒刑；数额特别巨大或者有其他特别严重情节的，处十年以上有期徒刑。
2 Suspected of illegally absorbing public deposits: in case of disturbance of the financial order, the penalty shall be imprisonment for a term not exceeding three years or detention; in the case of large amounts or other aggravating circumstances, the penalty shall be imprisonment for a term not less than three years and not more than ten years; in the case of particularly large amounts or other particularly serious circumstances, the penalty shall be imprisonment for a term not less than ten years.
③集资诈骗罪:数额较大的，处三年以上七年以下有期徒刑，并处罚金；数额巨大或者有其他严重情节的，处七年以上有期徒刑或者无期徒刑，并处罚金或者没收财产。
(c) The offence of capital fraud: the larger offence is punishable by imprisonment for a term of three to seven years and a fine; in the event of a substantial amount or other aggravating circumstance, the penalty is imprisonment for a term of not less than seven years or life imprisonment, with a fine or confiscation of property.
④组织领导传销活动罪：处五年以下有期徒刑或者拘役，并处罚金;情节严重的，处五年以上有期徒刑，并处罚金。
The organization is responsible for the distribution of the offence: imprisonment for a term not exceeding five years or detention in custody and a fine; in serious cases, imprisonment for a term not less than five years and a fine.
第二部分：如何化解风险 争取无罪和罪轻的处罚。
Part II: How to address the risk of innocence and misdemeanour.
新事物、新技术的推广必然会伴随阵痛的产生，互联网金融创新，地狱与天堂一步之遥。只有掌握区块链、虚拟货币相关的政策、重视化解犯罪风险，合法合规，预防和防范相关的刑事法律风险,才能走的长远，否则，等在前面的，有可能是牢狱之灾。
New things, the spread of new technologies, are bound to be accompanied by pains, financial innovation on the Internet, and hell and heaven. Only by mastering block chains, policies related to virtual money, attention to addressing crime risks, legal compliance, and prevention and prevention of related criminal and legal risks can be long-term.
作为研究币圈的律师，我们探索了很多化解风险的方法，但无论哪一种设计，在真正执行过程中都有可能走样，即使那些真正想认真做事的项目方，为了币价也不得不通过资本市场的各种套路来托市，一旦发了币，项目方实际上被币价绑架了，尤其是那些经验不足或财力不足的项目方，慢慢的就偏离了初衷。
As lawyers studying currency circles, we have explored many ways to mitigate risks, but either design has the potential to make a difference in real implementation, and even those who really want to do something serious have to go through various capital market routings for money prices. Once the money has been issued, the parties are actually kidnapped by the currency, especially those that are inexperienced or under-resourced, and are slowly diverted from their original purpose.
由于目前利用区块链虚拟货币融资犯罪活动特征呈多样性特点，非法集资、传销、非法经营、诈骗等犯罪互相交织叠加，真实项目与虚假承诺、正常交易与违规操作交织混合，并且行为人也往往在代币交易的基础上附加设计了各种交易条件、交易规则，使得案件事实错综复杂。我们律师在办理此类案件时，必须掌握专业的知识和经验技巧,不能拘泥形式，要穿透这些复杂的形式，识别底层资产、资金流和投资者的情况，以专业的知识和经验为被告人争取到无罪和罪轻的处罚。
The complexity of the facts is compounded by the fact that crimes such as illegal capital collection, distribution, illegal operations, fraud, etc. are currently characterized by a variety of characteristics, that genuine projects are intertwined with false promises, regular transactions and irregularities, and that the perpetrators are often accompanied by conditions and rules of dealing on the basis of currency transactions. In dealing with such cases, our lawyers must have professional knowledge and experience skills, not in the form of formality, to penetrate these complex forms, to identify bottom-level assets, financial flows and investors, and to obtain the innocence and incrimination of the accused with professional knowledge and experience.
下面，我就介绍一下化解相关风险的常用有效方法：
I will now describe the most common and effective ways to address the risks involved:
一、从价值认定上化解非法集资、诈骗、传销风险。
i. Addressing the risks of illegal fund-raising, fraud, distribution in value terms.
虚拟货币项目是否涉嫌非法集资、诈骗、传销的一个关键标准在于是否有实质产品和价值。要想化解风险，首先考虑的就是争取将涉案的区块链项目、发行的虚拟货币、通证认定为具有一定的技术价值、流通价值，而非毫无价值的空气币、山寨币。
A key criterion for whether virtual money projects are suspected of illicit fund-raising, fraud, and distribution is whether there is a real product or value. To mitigate the risk, the first consideration is to seek to identify the block chain projects involved, the virtual currency issued, the pass as having a certain technical value, the circulation value, rather than the valueless air currency, and the mountain coins.
如何证明发行的不是空气币？项目虚假的认定标准是假到什么程度？这些都是我们在办理案件时会遇到的问题。
How do we prove that the issue is not air currency? What is the standard for false identification of the project? These are the problems we face when dealing with cases.
我们一定要注意，区块链领域对于空气币的界定并不清晰，项目破发甚至币价归零不代表就是构成非法集资、诈骗、传销等犯罪。
It is important to note that air currency is not clearly defined in the area of block chains and that project collapse or even zero currency value does not constitute an offence of illegal fund-raising, fraud, distribution, etc.
我们律师要熟练掌握空气币的认定标准，需要对区块链或涉及行业有比较高的认知，从项目内容、发展规划、团队成员、Token发行方案以及代币总量、发行方案、团队持币比例、投资人占比等方面入手，重点从以下几个方面审查，争取认定为不是毫无价值的空气币、山寨币。
In order for our lawyers to master the criteria for the identification of air currency, they need to have a relatively high level of awareness of the block chain or industry involved, starting with project content, development planning, team members, Token distribution programmes and the total number of tokens, distribution programmes, team currency ratios, investor ratios, etc., and focusing on the following aspects, with a view to identifying them as non-valued air and mountain currency.
①从目的上看：目的是圈钱还是项目运营。仅披着区块链的外衣，不以落地为目的、只想发币的项目是有极大风险的。
1 From the point of view of purpose: whether the purpose is to co-operate with money or with the project.
②项目失败的原因：争取认定为现有的技术条件、资源要素不匹配，使之无法实现落地，团队技实力不强，项目遭到攻击，而造成的失败。
Reasons for project 2 failure: failure to identify as existing technical conditions, resource mismatches that make it impossible to locate, team skills are weak and the project is under attack.
③从币价来看，价值是否已经归零或正在归零。
In monetary terms, whether the value has been zero or is in the process of being zero.
④项目是否还在继续进行，是否出现停更的现象，是否出现代码无人写、人员跑路等。
Whether projects are continuing, whether there has been a freeze, whether codes have been left unwritten, people have run, etc.
⑤项目是否被交易平台下架。
Project 5 is not on the shelf of the trading platform.
⑥币价是正常的波动还是被操控？涨跌是否正常？
Is the six-dollar fluctuation normal or is it manipulated? Is it normal to go up and down?
⑦项目运行过程中是否有真正有价值的资产投入，尤其是法币资产，即审查通证的定价基准。
Is there a real asset input of value in the course of the project, in particular French currency assets, i.e., a price-setting benchmark for the review of hyphens?
⑧是否采用区块链技术，是否开源、是否有白皮书和应用场景。
8 Whether block chain technology is used, whether it is open-sourced, whether there is a white paper and where it is applied.
⑨社区所谈论的话题核心是技术、还是币价；项目的技术进展、市场表现等，从而进行综合的判断。
At the heart of the topics discussed by the communities are technology or currency prices; the technological advances of the project, market performance, etc., thus providing an integrated judgement.
⑩Token（代币）在整个生态中作用是什么？是否能形成完善的流通体系。
What is the role of 10 Token (demons) in the whole ecology? Can a well-developed system of circulation be developed?
此外，在一些销售挖矿机的案件中，发币方宣传的挖矿机不仅具备挖矿功能，同时还兼具“云存储”功能，虽然疑似为商家为规避犯罪而实施的“障眼法”，但从公平和有利于犯罪嫌疑人角度出发，应当考虑该云存储功能是否也具备一定市场价值，故对于此类行为在计算犯罪金额时应当酌情剔除挖矿设备并非完全服务于犯罪的功能价值。
In addition, in some cases of sales of excavators, the transmitters promoted by the sender not only have the function of excavating but also have the function of “cloud storage”, although it is suspected that they have been used by merchants to avoid crime, but from the standpoint of fairness and in the interest of the suspect, consideration should be given to whether the cloud storage function also has a certain market value, so that such acts, when calculating the amount of the offence, should, where appropriate, remove the functional value that the mining equipment does not serve the full purpose of the offence.
二、从发行模式、运作模式、交易规则上化解非法集资、诈骗、传销风险。
II. Addressing the risks of illegal fund-raising, fraud, distribution from distribution patterns, operating patterns, transaction rules.
1、从“四性”上化解非法集资风险。
1 Addressing the risk of illegal fund-raising on a “four-fold” basis.
各种借区块链技术名义，以发行投资“数字货币”“虚拟资产”“各种代币”加上“通证”等方式，符合“非法性、公开性、社会性与利诱性”时，即可被认定为非法集资行为。
In the name of the lending chain technology, the issuance of investment “digital currency” “virtual assets” “in various currencies” and “passports” may be characterized as illegal fund-raising if they are compatible with “illegality, openness, sociality and inducement”.
要想化解虚拟货币项目非法集资的风险主要是从该“四性”上化解。
The risk of illegal fund-raising for virtual money projects is largely addressed by the “four-fold” approach.
（1）从非法性上化解：
(1) Dismantling from unlawfulness:
非法性是指“未经有权机关依法批准”，发行某虚拟货币的行为，或者借用合法经营的形式吸收资金。
Illegality refers to the issuance of a virtual currency “without the legal authorization of the competent authority”, or the absorption of funds in the form of legal operations.
如果将发行虚拟货币的行为认定为一种融资行为，那该行为是不可能取得批准的，因此是违法的。
If the act of issuing a virtual currency is considered to be a financing act, then the act cannot be authorized and is therefore unlawful.
依据是2017年9月4日，七部委发文指出，ICO代币发行融资是指融资主体通过代币的违规发售、流通，向投资者筹集比特币、以太币等所谓“虚拟货币”，本质上是一种未经批准非法公开融资的行为，涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。
On the basis of a communication dated 4 September 2017 from seven ministries, it was stated that the financing of the ICO for the issuance of tokens refers to the illegal sale, circulation and collection of so-called “virtual” currency, such as bitcoin, in the form of tata coins, from investors, which is essentially an unauthorized act of public financing and is suspected of illegal distribution of coupons, illegal issuance of securities and criminal activities such as illegal collection of funds, financial fraud, distribution, etc.
如果经过一系列操作，将发行虚拟币的行为变成一种销售或投资行为，则有可能从“非法性”化解发行虚拟币的非法集资的风险。
If, after a series of operations, the issuance of a virtual currency is transformed into a sale or investment act, the risk of illegal collection of funds for the issuance of a virtual currency may be addressed from the “illicit” nature.
在虚拟货币的发行、发售过程中，如何在代币交易的基础上附加设计各种交易条件、交易规则、采取何种模式才能将客户的资金认定为购买行为和投资行为是行业内的人一直在思考和探索的问题。
During the issuance, sale and sale of virtual currencies, questions have been considered and explored as to how the terms of the transaction, the rules of the transaction, and the modalities by which customer funds can be identified as purchasing and investment behaviour.
例如，在有些案件中，发行方会以某种有一定价值的实物例如茶叶、房产、古钱币、邮票等作为虚拟币的本位资产设置抵押，在此种情况下参与人购买虚拟币的行为到底是一种购买还是自担风险的投资，将会成为案件定性的关键问题。
In some cases, for example, where the issuer encumbers a local asset as a virtual currency with a certain value in kind, such as tea, real estate, ancient coins, stamps, etc., the issuer's purchase of a virtual currency would be a key issue in the characterization of the case.
此外，我们律师在办理此类案件时还要特别注意，通过公开的虚拟货币交易市场，对自己手中的货币进行抛售，其是通过对手中虚拟货币的发行和控制获取的相关资金，投资人只是把钱交付给了另一个投资者，集资人套现的过程，本身也是一种二级市场的交易行为，这种资金与投资人的集资款有着天然区别。
In addition, in dealing with such cases, our lawyers pay particular attention to the sale of money in their hands through the open virtual currency exchange market, the related funds obtained through the issuance and control of the virtual currency in their hands, the mere delivery of money by investors to another investor, the process of pooling funds and, in itself, the conduct of transactions in the secondary market, which is a natural difference between such funds and the investor's pooled funds.
（2）从利诱性上化解：
(2) Refusal of inducement:
对于一个区块链、虚拟货币项目是否构成非法集资类犯罪，主要依据就是是否承诺在一定期限内以货币、实物、股权等方式还本付息或者给付回报。
The principal basis for whether a block chain, a virtual currency project, constitutes an illegal group of capital crimes is the commitment to pay debt or interest in monetary, physical or equity terms or in return for a certain period of time.
在一些案件中，项目方、融资方、出售方为了规避“利诱性”风险，一般不会承诺保本付息，而是让虚拟币在相关的电子货币市场自由交易和流通，投资人、参与人天然的知道这种所谓的“货币”是有风险的，是不可能保证像存款一样“保本付息”的。
In some cases, the project party, the financier and the seller, in order to avoid the risk of “intellectuality”, would generally not undertake to preserve interest but rather to allow virtual currency to be freely traded and circulated in the relevant electronic currency market. Investors and participants naturally knew that such so-called “currency” was risky and that it was not possible to guarantee “interest and interest” as a deposit.
在化解“利诱性”风险时要注意以下几种情况：
In addressing the risk of “intellectuality”, the following situations should be noted:
①在虚拟币的发行前、发售中及发行后，项目方、融资方和出售方是否存在公开承诺保本付息的行为。涉案公司是否有相关的价格保证和高额回报承诺，比如约定以成本价回购。
The company in question has a price guarantee and a high return commitment, such as an agreement to buy back at cost.
②涉案的虚拟货币在相关的电子货币市场是否能自由交易和流通，是否有风险提示。在宣传文件中是否具有风险提示、承诺还本付息或足以使社会公众误解无风险的宣传用语。
Whether the virtual currency in question is freely traded and circulating in the relevant e-money market, and whether there are risks.
③要注意“明确承诺”与“变相承诺”、“暗示承诺”的区别。在一些案件中，司法机关对利诱性的认定扩大到“暗示”或者“变相”的做法，容易将经济活动的“回报预期的固定性”与“利诱性的承诺”相混同。常见的被认定为“变相承诺”、“暗示承诺”的高风险行为是我们需要特别注意和掌握的。
Note the distinction between “unequivocal commitments” and “disguised commitments” and “implicit commitments.” In some cases, the judicial recognition of inducements has been extended to “insinuation” or “disguised” practices, which can easily confuse the “fixed nature” of the economic activity with “intended commitments”. The high-risk behaviour commonly identified as “disguised commitments” and “implicit commitments” requires special attention and mastery.
④以房产、茶叶或者其他实物作为虚拟币本位抵押的，是否构成一种保本付息的承诺，这很难证明，也是取证机关的重点取证方向。对此的否定理由我们应该熟练的掌握。
Whether a real estate, tea, or other kind of property is held in virtual currency as collateral constitutes a promise of debt-sustainability is difficult to prove, and is also the focus of the evidence-gathering authorities. We should have a good grasp of the negative argument.
⑤首次矿机发行 ( IMO) 中，投资者购买矿机后是否能挖掘到相应的代币进而获利，并不完全依赖于发售者的承诺及经营行为，还需要投资者付出算力生成代币，投资者若将矿机弃置一旁不去操作，则当然无法获利，故不同于 “保本保息” 等典型的利诱性特征。除非 IMO 发行人同时承诺提供担保、回购、代 “挖矿” 等保证投资者获利的措施，难以认定单纯的 IMO 符合利诱性。
In the first miner issue (IMO), the ability of investors to tap into the corresponding currency after purchasing the mine machine and thereby profit from it is not entirely dependent on the commitments and business behaviour of the distributor, but also on the ability of investors to generate the money with arithmetic. Investors who abandon the mine without doing so will certainly not be able to profit, and are therefore different from typical inducements such as “interest preservation.” Unless the IMO issuer also undertakes to provide guarantees, buy back, and replace the “mining” measures that guarantee the investor’s profitability, it is difficult to find pure IMO to be attractive.
（3）从公开性和社会性上化解：即是否对社会公众进行公开宣传并吸收资金。
(3) Refusal in terms of openness and sociality: i.e. whether or not the public is publicly informed and financed.
项目方在发行代币融资之前一般会在网络发行相关代币项目的白皮书，之后还会在线上与线下进行一系列的宣传活动，介绍代币的运行模式、发行价格等内容。所以说，ICO代币发行融资一般均符合“公开性与社会性”的特征。
Projecters usually publish white papers on money-related projects online before issuing money-based financing, followed by a series of online and offline information campaigns on the mode of operation of money-deposit, distribution prices, etc. So ICO money-issuing finance generally meets the characteristics of “openness and sociality”.
一些区块链项目ICO的行为为了规避“非法集资”的风险，在境外国家设立基金会，搭建海外架构，在发币时，采取首次售卖批发给“私募机构”，再由私募机构售卖给不同的C端客户，利用二级、三级分销商的方式，在一定程度上化解了“非法集资”的法律风险，但是，如果这种ICO所发行的币成为“空气币”或者发行人跑路的情况下，是会出现其他刑事风险的，这是我们要注意的。
In order to avoid the risk of “illegal fund-raising”, the behaviour of ICO in some block chain projects, the establishment of foundations in offshore countries, the establishment of offshore structures, the sale of first-time sales to “private fund-raising agencies” and then to different C-end customers by private fund-raising agencies, and the use of second- and third-tier distributors have to some extent addressed the legal risk of “illegal fund-raising”, but other criminal risks arise if such ICO-issued currency becomes “air currency” or the route of issuers.
2、从宣传方式、虚假宣传、对赌状态、进出金控制、诱导操作、平台操控、杠杆程度、亏损资金流向等角度化解诈骗罪风险。
2 to address the risk of fraud in terms of publicity, false propaganda, state of bets, access control, enticement, platform manipulation, degree of leverage, loss of funds flow, etc.
发行虚拟货币涉嫌诈骗罪的，主要是指：发行没有价值的空气币山寨币、搭建虚假的虚拟货币交易平台或APP，通过直播间、微信群等各种渠道诱导投资者在虚假黑平台进行投资,诱导入金、喊单、锁仓、不让出金、后台操纵、拉盘控盘砸盘等方式让客户亏损，平台通过高买低卖，高频交易等恶意操作程序侵占参与者财产，或者通过宕机、拔网线、冻结资产等手段使交易突然停滞，参与杠杆交易的参与者因无法主动平仓引发爆仓而造成损失等。
The issuance of virtual currency is suspected of fraud, mainly in the form of the issuance of worthless air currency coins, the establishment of false virtual currency trading platforms or APPs, the inducement of investors to invest in false black platforms through a variety of channels, such as live air booths and micro-trust groups, the inducement of gold, calls, locking of warehouses, the denial of cash, back-office manipulation, plating of discs, etc., the appropriation of participants'property through malicious operating procedures such as high-sale low-sales, high-frequency transactions, or the sudden stagnation of transactions through such means as the suspension of machines, the lifting of nets, the freezing of assets, etc., and the loss of participants involved in the leveraging of transactions due to their inability to actively level the silos.
（1）存在虚假宣传诱导投资数字货币交易不一定构成诈骗罪。
(1) The existence of false propaganda to induce investment in digital currency transactions does not necessarily constitute a fraud offence.
营销过程中存在夸大的虚假宣传不一定就必然构成诈骗罪。关键要看是否给投资人错误的认知。事实上，大部分投资者都知道虚拟货币资金盘没有造血能力，属于零和博弈的游戏，但用户在追求高回报的诱惑下，往往存侥幸心理，容易忽略风险，相信自己不是最后一棒的接盘者。很多人对销售人员的承诺根本就不相信，是基于自己对数字货币的认知来投资。例如有些客户明知是虚拟货币资金盘，但抱着薅羊毛的心态入金，结果产生了亏损就去公安机关报案说被诈骗了，对于很多投资者“涨就是区块链革命，跌就是庞氏骗局”的心态是我们尤其要注意的问题。
In fact, most investors know that the virtual money tray does not have the capacity to build blood and is a game of zero-sum games, but users, in the temptation to pursue high returns, often survive, tend to ignore risks and believe that they are not the last of the players. Many people simply don’t believe in sales people’s commitment, and invest in digital money based on their own perceptions.
（2）采取对赌赌模式不一定就构成诈骗犯罪。我国法律对对赌商业盈利模式尚无明文规定，很多数字货币交易平台符合标准化合约的性质，公开集中交易，并以保证金作担保，以对赌方式完成交易，均符合期货的基本形式，因此，不宜将对赌商业盈利模式本身认定为非法行为。仅隐瞒公司与客户之间的对赌关系，我认为尚未达到诈骗罪语义中的欺诈，因不排除部分平台希望通过开展对赌合约业务的经营行为，在运营中遵守对赌的公平原则，这与诈骗罪直接骗取对方财物的方式应有所区别。
(2) The adoption of a gambling model does not necessarily constitute a fraud offence. Our laws do not explicitly regulate the commercial profit model, and many digital money trading platforms comply with the nature of standardized contracts, open centralized transactions, and guarantee gold guarantees that the transaction is done by gambling, and therefore it is not appropriate to consider the commercial profit model itself as illegal. Just concealing the relationship between the company and the customer, I believe that fraud has not been reached in the synonyms of fraud, since it does not exclude that some platforms wish to comply with the principle of equity in the operation of gambling by engaging in the business of gambling contracts, which should be distinguished from the direct fraud of each other’s property.
（3）频繁操作诱导、反向建议、高杠杆、重仓的诱导的行为不一定构成诈骗罪。
(3) Frequent operational inducements, reverse advice, high leverage, and back-to-back inducements do not necessarily constitute fraud offences.
鼓动、诱导高频交易以及提供反向建议只能影响客户的判断，而不能必然导致对此遵循，即使遵循也可能出现未亏损反而盈利的情况。因此，对没有事先预知行情，没有操控交易软件的反向建议操作，与损失亦不存在直接的因果关系，况且客户具有交易自主性、不能排除部分交易是未受上述的影响而自主决定的。
Incentives, inducements to HF transactions, and the provision of reverse advice can only affect the client’s judgement and cannot necessarily lead to compliance, even if it is followed by a profit without loss. Thus, there is no direct causal link to the loss in the absence of prior knowledge, in the absence of reverse advice to manipulate the transactional software, and in the case of the customer’s autonomous nature of the transaction, it cannot be excluded that part of the transaction is determined independently of the above-mentioned influence.
我们律师在办理案件时可通过受到反向建议等诱导的客户亏损人数、金额、次数、频率与自主操作的客户相应数据做出对比，增加切断因果关系的说服力。
In handling the case, our lawyers can increase the persuasive power to cut the causal link by comparing the number, amount, number, frequency and corresponding data from the self-operated clients induced by reverse advice, etc.
（4）涨跌是否真实、平台大盘的涨跌是否与市场真实数据一致，如果是通过真实信息诱导客户交易实现的，不能直接认定为诈骗。如果平台方没有直接控制涨跌，资金投入也是真实的，是否构成诈骗罪就需要分析其中立性。
(4) Whether the up and down is true, whether the up and down of the platform is consistent with real data in the market, and if it is achieved through genuine information that induces customers to trade, it cannot be directly characterized as fraud. If the platform does not have direct control over the up and down, the investment is real, and whether it constitutes a fraud offence requires an analysis of its neutrality.
（5）杠杆是否合理。金融市场允许一定的杠杆差距，但如果平台提供了过度的金融杠杆，其资金能力无法实现，就有被认定为诈骗的可能。
(5) Whether leverage is reasonable. Financial markets allow for a certain leverage gap, but there is a risk that the platform will be held to be fraudulent if it provides excessive financial leverage and its financial capacity cannot be realized.
我们律师在办理案件时需要审查以下证据：
Our lawyers are required to examine the following evidence in dealing with the case:
①如果平台没有崩盘，就需要查明平台的资金能力与平台资金数据之间的差距，查证的范围限于使用杠杆的客户。
If there is no collapse of the platform, there is a need to identify gaps between the Platform's financial capacity and the Platform's financial data, with the scope of verification limited to leveraged clients.
②如果平台已经崩盘，我们在办理案件时需要查明使用杠杆工具获利的客户的真实出金情况。
2 If the platform has collapsed, we need to find out the true financial position of the clients who profit from leveraging the case.
3、从销售模式设计、销售渠道搭建、利润分配方式上化解传销罪风险。对涉案的新型商业模式、上下线之间涉及的法律关系、返利奖金制度给出合理的、让人信服的对被告人有利的解释。
3, design of sales models, construction of distribution channels, distribution of profits in a way that eliminates the risk of distribution of sales >. Reasonable and convincing explanations in favour of the accused are given for the new business model involved, the legal relationship involved between the upper and lower lines, the system of return bonus.
创业者在设计销售模式、搭建销售渠道、设计利润分配方式时，稍有不慎就可能面临传销的流言蜚语甚至司法指控，尤其是在电子商务领域，网络传销与新型电子商务模式容易出现界限不清，一个新的商业模式到底是传销、直销还是创新，有时候很难认定，网络环境下可以把入门费、 拉人头 、 层级等构成要件要素进行包装和改头换面 ， 让人难以分辨，我遇到很多企业的经营模式似乎一直在制度创新和隐蔽传销之间来回游离，在很多案件中很难区分合法的互联网企业与传销组织（金融创新与网络传销）。
In designing marketing models, setting up distribution channels, designing profit distribution methods, entrepreneurs may be faced with rumours and even judicial accusations of distribution, especially in the area of electronic commerce, where the boundaries between Internet distribution and new e-commerce models are often blurred, where it is difficult to determine whether a new business model is distribution, direct marketing or innovation, and sometimes it is possible in a network environment to package and change elements of entry costs, head pull, hierarchy, etc., and it is difficult to distinguish between legitimate Internet enterprises and distribution organizations (financial innovation and Internet sales) and it seems to me that many business models have been moving back and forth between institutional innovation and covert marketing.
我们律师在办案时要争取将模式的定性争取为多层次直销、裂变营销、抽成营销等新型商业模式。在改变商业模式定性时。律师要从以下几个方面入手：
Our lawyers try to characterize the model as a new business model with multiple layers of direct marketing, fission marketing, extraction, etc. When changing the characterization of the business model, lawyers start with the following:
（1）要证明涉案的虚拟币有价值。包括技术价值和流通价值，这一部分上面已经说过，就不在多说。
(1) To prove the value of the virtual currency in question. This includes both technical and circulation value, as already stated in this section, it is not said much.
（2）要证明没有收取入门费。
(2) To prove that an entry fee has not been charged.
要把一个活动定性为传销活动，必须要有证据证明传销组织收取了入门费，并且收取的入门费是传销组织的主要经济来源。我们一定要注意，在很多案件中，公安以及检察院会把会员缴纳的保证金、 项目资金，消费款、会员费、加盟费等费用算做收取的入门费，我们律师在办案时，要从缴纳费用的低额 、自愿 、多次等形式上入手， 从本质的角度进行分析， 想办法证明缴纳的费用是商品交易本身所必须的 ，不是取得入门的资格条件，我们要证明涉案组织有盈利能力，缴纳的‘入门费’不是返利或分红的主要来源 ， 据此来否定缴纳的这些费用属于 “入门费 ”。
In order to characterize an activity as a distribution activity, there must be evidence that the marketing organization charged an entry fee, and that the entry fee is the main economic source of the distribution organization. We must note that, in many cases, public security and the public prosecutor's office will charge the costs of the bond, project funds, consumption, membership fees, membership fees, etc. paid by their members as an entry fee, and that our lawyers, when handling the case, will have to analyse it in the form of low-payment, voluntary and multiple payments, in essence, to find a way to prove that the payment is necessary for the commodity transaction itself and not for eligibility for entry. We would like to prove that the organization in question is profitable and that the payment of the `entry fee' is not the main source of return or dividends, so that we reject the payment of these costs as `entry fee'.
（3）要证明没有“引诱、胁迫”参加者继续发展他人参加的行为。
(3) To prove that there is no “inducing, coercing” participants to continue to develop the conduct of others' participation.
我们律师要从会员资格为自愿取得，发展“下线”未受强迫，不发展“下线”（个人使用）完全随意等角度，证明犯罪嫌疑人或被告人不存在引诱胁迫他人参加的行为。
Our lawyers are required to prove, from the point of view of voluntary membership, that “downline” has not been imposed and that “downline” (individual use) has not been developed at all random, that there is no act of inducement by the suspect or the accused to participate.
此外，我们律师还要证明参与人员是否具有退款保障和退出自由，律师在办案时要重点注意书面材料上是否写明诸如“保证金可以退还”等内容，是否设立了冷静期，参与人员是否享有在冷静期内自由退出的权利，我们律师要重点审查传销组织与参与传销人员之间是否具有平等、自愿、公平的民事关系。
In addition, our lawyers are required to prove whether the participants have the guarantee of refund and the freedom to withdraw, to focus their case on whether the written materials indicate, for example, that the bond can be refunded, whether there is a period of calm, whether the participants enjoy the right to withdraw freely during a period of calm, and to examine whether there is an equal, voluntary and fair civil relationship between the distribution organization and those involved in the distribution.
（4）审查是否存在上下线的层级结构，争取将金字塔模式认定为营销销售模式而非传销组织中的层级结构。
(4) Review whether there is a hierarchy up and down line that seeks to characterize the pyramid model as a marketing model rather than a hierarchy in a distribution organization.
销售模式中的多层次销售与传销中的层级结构很容易混淆，我们律师在办案时，首先考虑的就是案件是否有充分证据证明存在上下线的层级结构，在网络传销中，网络传销组织就是一张无形的大网，拥有众多 IP 地址、参与者操作地址、会员交费地址等等，领导者与参与者在网上联系多用假名、昵称，很难查实其错综复杂的身份关系，层级结构并不像传统传销那样明显，组织结构都非常复杂，每个参与者在不同的位置和层级，很多参与者自己都搞不清楚自己的上线是谁，也搞不清楚自己在传销网络中的位置，传销人员组成结构查不清，也就很难查清层级结构。
The multilayered distribution of sales in the marketing model is easily confused with the hierarchical structure in which distribution takes place. When our lawyers deal with cases, the first consideration is whether there is sufficient evidence of the existence of the hierarchical structure of the upper and lower lines. In the case of web distribution, the network distribution organization is an invisible large network with a large number of IP addresses, participants'operating addresses, members'paying addresses, etc., leaders communicate with participants online more often with false names and nicknames, it is difficult to identify their complex identities, the hierarchical structure is not as obvious as traditional distribution, the organizational structure is complex as it is, each participant is in different places and levels, many participants are not themselves aware of who is on the line, their own location in the distribution network, the structure of the distributors is unclear, and it is difficult to identify the hierarchical structure.
我们律师在辩护时，要注意一种情况就是在很多网络传销案件中，会有 A、B 区的人为设置，打乱实际被发展人员的上下线关系 ， 不同级别会员在网络上的分布形状也并非呈标准的 “ 金字塔 ” 形 ， 而只是基部宽大 、 顶端窄小的特征 。律师要从层级结构的内涵出发， 看能否否认上下线的对应关系和层级认定，否认后进入人员给先进入人员输送利益的特征。
In our defence, our lawyers are mindful of the fact that, in many cases of Internet distribution, there are artificial settings in sections A and B, disrupting the connections between those actually being developed, and that the distribution of members at different levels of the network is not in the form of a standard “Pyramid”, but rather in the form of a broad base and a narrow top feature. Lawyers are expected to look at the content of the hierarchy, see if they can deny the correspondence between the upper and lower lines and the character of the hierarchies, that the denial of access to the network is a characteristic of the benefits that enter first.
（5）要证明不是以发展人员的数量作为计酬或者返利依据。
(5) The proof is not based on the number of development personnel as a basis for remuneration or return.
要想办法证明：
We have to find a way to prove it:
第一、要证明涉案组织的利润来源、计酬或返利的资金来源不是来自收取的会员入门费。
First, it is to be proved that the source of profit, remuneration or return of the organization in question is not derived from the introduction fees charged to the members.
第二、要证明每一层人员的计酬，不只是根据其发展的下线人员数量而定。
Secondly, the remuneration of each level of personnel is not dependent solely on the number of bottom-line personnel developed.
第三、要注意多重计酬模式混同的问题，从传销活动中剥离非传销那一部分的涉案金额。我们律师一定要重点注意传销活动的多样性与掺杂性，很多传销组织为了掩人耳目，将其传销活动中加入了一定的商品或服务成分，使得传销行为和非传销行为发生了一定程度的掺杂。
Thirdly, attention should be paid to the issue of the convergence of multiple pay models, displacing the amount involved from the distribution activities. Our lawyers must focus on the diversity and complexity of the distribution activities, which, in order to cover their ears, are incorporated by many distribution organizations into the product or service component, resulting in a certain degree of confusion between distribution and non-distribution.
另外，检察院会指控组织者领导者通过设立一系列的奖励制度来对下线返利，‘对碰奖’‘复销奖’这些奖励的名称五花八门，我们律师必须对这些奖励制度的规则深刻的理解，才能将这些奖励制度进行合理的解释。关于这一部分内容，我在《网络传销怎么认定如何判刑》一文中已经详细介绍过，有兴趣的可以找来看看，这里就不在多说。
In addition, the Attorney-General’s Office would accuse the organizer’s leaders of returning to the bottom through the creation of a series of incentive systems, the title of which is a multiplicity of ‘repeal prizes’, which our lawyers must understand in depth in order to justify. With regard to this part of the text, I have already described in detail in the article “How to Find Sentences” – an interesting one to look at – that is, not much to say.
（6）改变个人角色定位。要争取认定为一般投资者，如果不能认定为一般投资者，要争取认定为不是组织者和管理者。如果被认定为组织者和管理者，要争取认定其发展的下线人数不到30人，层级不到3级。
(6) Changes in personal role positioning. To be considered a general investor, if not a general investor, to be considered a non-organizer and manager. If being an organizer and manager, to be identified as a bottom line for development, there are fewer than 30 people, and level 3 below.
三、从主观性上化解。
如果虚拟货币的项目方、融资方、出售方在发行、发售虚拟货币的过程中，具有非法占有的目的，则有可能被认定为集资诈骗罪或诈骗罪。
If the project party, the financier, and the seller of the virtual currency have the purpose of unlawful possession in the course of issuing or selling the virtual currency, it may be found to be a capital fraud or fraud offence.
我们在办理此类案件时要注意，虚拟货币非法集资、传销、诈骗类案件中“非法占有”的主观目的存在难以认定的情况，对非法占有目的的判定，要考虑到其客观性、特殊性，不能以客观结果倒推主观目的。
In dealing with such cases, we would like to note that the subjective purpose of “illicit possession” in cases of illicit collection, distribution or fraud of a virtual currency is difficult to identify, and that the purpose of unlawful possession is judged in the light of its objectivity and specificity and cannot be reversed by objective results.
我们律师在办理案件时，要结合具体案情，综合考量平台的性质、平台的经营和盈利模式、具体的交易手段、获利来源及以交易完成后对待客户的态度等各种主客观因素进行判断，争取将虚拟货币参与人员的主观目的认定为不是以“非法占有为目的”，而是以下两种：
In dealing with the case, our lawyers, taking into account the specific circumstances of the case, take into account the nature of the platform, its operating and profit-making models, specific means of dealing, the source of profit and the attitude towards clients after the conclusion of the transaction, and seek to identify the subjective purpose of the participants in the virtual currency as not “unlawful possession” but as follows:
①只是想正常的商业获利，赚取佣金、返利、手续费。
1 Just wants to make normal commercial gains and earn commissions, repatriations and fees.
②只是想正常的融资做项目运营。
2 Just want to finance the operation of the project on a regular basis.
要注意出现以下七个方面的情况时，就有可能被被定为具有“非法占有的目的”。
When attention is drawn to the following seven aspects, there may be a risk of being qualified as having “unlawful possession”.
①集资后不用于生产经营活动或者用于生产经营活动与筹集资金规模明显不成比例，致使集资款不能返还的；
(a) The fact that the collection of funds is not used for productive activities or is clearly disproportionate to the scale of the financing, which makes it impossible to return the funds;
②肆意挥霍集资款，致使集资款不能返还的；
(b) Dissatisfaction of pooled funds, which precludes the return of such funds;
③携带集资款逃匿的；
(c) A person who has escaped from the fund-raising fund;
④将集资款用于违法犯罪活动的；
The use of funds to finance criminal activities in violation of the law;
⑤抽逃、转移资金、隐匿财产，逃避返还资金的；
5 Persons who flee, transfer funds, conceal property and evade the return of funds;
⑥隐匿、销毁账目，或者搞假破产、假倒闭，逃避返还资金的；
6 Hide, destroy accounts, or fake bankruptcy, collapse or escape the return of funds;
⑦拒不交代资金去向，逃避返还资金的；
(c) Refusal to transfer funds in order to avoid the return of funds;
此外，此类诈骗行为往往以看似合法运营的公司集团化协作运营，涉案人员的主观故意更加错综复杂，很多非核心的工作人员以及业务人员是有可能不知道具体的业务模式，我们律师在办理案件时，需要掌握“明知”情形的认定标准，还要特别注意“推定明知”的几种常见情形。对不同的参与主体，要以专业的知识和思维对努力为他们争取到不“明知”，不具有“非法占有的目的”。
In addition, such frauds often operate in collaboration with seemingly legitimate corporate groups, with the subjectivity of the persons involved becoming more complex, with many non-core staff and business people at risk of being unaware of specific business models, and our lawyers need to be informed of the criteria for identifying “know” situations when dealing with cases, paying particular attention to several common cases of “presumption of knowledge”. For different subjects involved, efforts to obtain “know” and “unlawful possession” are not pursued with professional knowledge and thinking.
关于这方面我已经详细说过多次就不在细说。
I have said so many times in detail in this regard.
四、从证据上化解非法集资、诈骗、传销的犯罪风险。如果争取到事实不清、证据不足就有可能争取到不批捕、不公诉、罪名不成立。
iv, decriminalizes the risk of illegal collection of funds, fraud, and distribution by evidence.
虚拟货币非法集资、诈骗、传销案件属于新型网络犯罪，取证困难。电子证据容易灭失，导致案件事实难以查清，事实不清、证据不足，就难以定罪。
Cases of illicit collection, fraud, and distribution of virtual money are new types of cybercrime and difficult to obtain evidence. Electronic evidence can easily be lost, making the facts of the case difficult to ascertain, unclear and unsubstantiated, making it difficult to convict.
我们在办理此类案件时，首先就是要从事实和证据上入手，以最专业的思维来审查证据，看是否争取到事实不清、证据不足。
When dealing with such cases, it is first and foremost in fact and evidence that we examine the evidence with the most professional thinking to see whether the facts have been lost and the evidence has not been sufficiently substantiated.
（1）从以下几个方面争取事实不清。
(1) There is a lack of clarity in the search for facts from the following points.
①项目发行方、推广方的组织架构等案件事实是否查清。
1 Whether the facts of the case, such as the issuer of the project, the organizational structure of the promoter, etc., have been clarified.
②项目背景是否基于区块链技术，是否是空气币、山寨币。项目是否真实存在、是否能落地，是否实际正常运营，是否积极开展生产经营活动。
The background to the project is whether it is based on block chain technology, or whether it is an air currency or a mountain currency.
③宣传推广方式是否查清。在宣传文件中是否具有风险提示、承诺还本付息或足以使社会公众误解无风险的宣传用语，承诺的利息、收益或奖励等，是否明显超出行为人的盈利能力范围。要重点审查是否有证据证明涉案公司宣称过：只需做推广宣传，且无需投入时间、精力管理，就可从中获相应的返利等表述，是否以“静态收益”（炒币升值获利）和“动态收益”（发展下线获利）为诱饵进行宣传,是否宣称“币值只涨不跌”“投资周期短、收益高、风险低”等。这类宣传资料证据是对被告人不利的证据之一。
It is important to examine whether the publicity document contains risk alerts, promises of debt service or publicity language sufficient to enable society to misunderstand risk-free terms, promises of interest, earnings or rewards, etc., are clearly beyond the profitability of the perpetrator. It is important to examine whether the company in question has claimed that it needs only publicity, and that it does not need time and effort to manage it, that it can obtain the corresponding returns, and whether it uses the expressions “static gains” (profits from currency appreciation) and “dynamic gains” (profits from the bottom line of development) as bait, and that it claims that the “investment cycle is short, high returns, low risks” etc. The evidence of such publicity is one of the evidence against the defendant.
④返利模式、计酬模式、奖励制度设置是否查清。
4 Return model, pay model, incentive system set-up check.
⑤资金流向、虚拟币流向是否查清。涉案款项投入生产经营活动的比例、是否按照预定或宣传的用途使用资金。
The proportion of the funds in question that are invested in productive activities and the use of the funds in accordance with the intended or publicized purposes.
⑥影响案件事实认定的基本信息（投资时间、投资金额、返款金额、损失金额、集资介绍人、介绍他人投资获得的提成、会员人数、分布区域、上下线人数以及对应关系等事项是否查清。特别是未查获到网站服务器的案件。
6 Whether the basic information affecting the factual determination of the case (the time of the investment, the amount of the investment, the amount of the refund, the amount of the loss, the fund-raising briefer, the drawings obtained from the investment of others, the number of members, the distribution area, the number of people on the line and the correspondence, etc., have been ascertained, in particular in cases where the web server was not found.
（2）从以下几个方面争取证据不足，不能形成证据链。
(2) Unsubstantiated evidence is sought from the following sources and cannot form an evidentiary chain.
很多人被抓以后，声称自己与项目方、发行方、非法网站、APP、犯罪团伙没有任何关系，对于此种情况，我们要特别注意，以最专业的思维来审查证据，看是否形成指控犯罪的完整证据链，看能否从证据上化解相关风险。
In cases where many have been arrested claiming that they have no connection with the project, issuers, illegal websites, APPs or criminal gangs, we should pay particular attention to examining the evidence with the most professional thinking to see whether a complete chain of evidence against the crime can be formed and whether the relevant risks can be addressed from the evidence.
首先，审查人员链的证据。
First, review the evidence in the chain of persons.
很多犯罪嫌疑人被抓的原因是因为同案犯的供述、指认，我们首先要审查关联性证据，看能否将被告人从犯罪链条上分离出来。
Many of the suspects have been arrested because of the statements and identifications of their accomplices, and we first have to examine relevant evidence to see if the accused can be separated from the criminal chain.
虚拟货币犯罪案件已经形成了一条完整的产业链，在资金平台系统、网站模板、制度规划、广告宣传、策划包装、资金流转等各个环节均有“市场化服务”，形成了一整套专业化、产业化犯罪链条。形成了发币项目方、外包人员、资金盘盘主、数字货币场外交易员、矿机外包商、资金盘APP开发技术人员、分析师、带单师等黑色链条，要想查清组织架构不是容易的事。
Virtual money crime cases have formed a complete industrial chain, with “marketed services” at all points in the money platform system, website templates, system planning, advertising, planning packaging, financial flows, etc., and a set of professional and industrial crime chains. It is not easy to find out what the structure of the organization is.
在我们遇到的很多案件中犯罪嫌疑人与同案犯一般都互不认识，可能只是网友，互相之间连真实名字都不知道。有时候要形成指向某一犯罪嫌疑人的证据链是有难度的，在很多案件中，公安机关只抓获产业链一个环节上的犯罪嫌疑人，从这些被抓获的嫌疑人这里找证据指向其他环节的人，这就是我所说的网络犯罪中“由人到人”证据指向。
In many of the cases we have encountered, suspects and co-perpetrators generally do not know each other, but may be network friends and not even know each other’s real names. Sometimes it is difficult to form a chain of evidence that points to one suspect. In many cases, the public security authorities capture only one suspect from the industrial chain and find evidence from these captured suspects that points to others, which is what I call “person-to-person” evidence of cybercrime.
随着网络黑产从业者反侦察能力的提高，公安机关在取证时要找到“由人到人”的证据链越来越困难，我们在办理案件时，要掌握虚拟货币网络犯罪行为人之间意思联络形式多样化、联络主体虚拟化、共同行为模糊化的特点，审查关于“人员链”的证据，看能否找到证据的问题，证据之间能否相互印证形成证据链。
With the increased counter-detection capabilities of cyber-black operators, it has become increasingly difficult for public security authorities to find a “person-to-person” evidence chain when taking evidence. In dealing with cases, we need to be aware of the diversity of forms of communication between virtual currency cybercrime perpetrators, virtualization of contact subjects, blurring of common conduct, examining evidence on “person-to-person” and seeing whether evidence can be found and whether evidence can be cross-checked to form an evidence chain.
主要审查以下证据：
The main review was the following evidence:
①同案犯口供指认、上家或下家的证言。要重点注意口供反复以及不能相互吻合的问题。
1 An accomplice's statement of identification, testimony from his or her immediate family, or from his or her next family.
②聊天软件的证据：要重点注意，微信、qq黑号无法关联的问题以及境外聊天软件的问题，我们在案件中遇到的境外聊天软件如蝙蝠、飞机、whatsapp、sig等，这些境外聊天服务器在境外，直接用ID登录，不需要绑定任何身份信息，极致私密、信息可以看后即焚、双向撤回、删除聊天信息，这些都使得从证据上形成“由人到人”的证据链非常困难。对聊天记录中某一句或某几句不利的内容如何质证以及取证过程的程序合法性的问题是我们重点要关注和掌握的。
Evidence of chat software: Focus on the unconnected issues of micro-mail, black qq and foreign chat software, the offshore chat software we have encountered in cases, such as bats, aircraft, whatsapp, sig, which are off-shore, login directly with IDs, do not need to bind any identity information, be very private, and the information can be burned, withdrawn in both directions, and delete chat information, all of which makes it very difficult to form a “person-to-person” evidence chain from evidence.
其次，审查虚拟货币账户、钱包地址、IP地址等网络痕迹与犯罪嫌疑人（被告人）的关联性证据。如果不能形成完整的证据链，则有可能无法证明犯罪嫌疑人（被告人）与犯罪行为有关。
Second, it is possible to examine evidence of connection between the presence of virtual currency accounts, wallet addresses, IP addresses, etc., and the suspect (the accused).
我们律师在办理案件时需要注意，由于虚拟货币具有具有强匿名特点，持有者信息则为公钥与私钥字符串，系统生成的不同账户、地址不存在关联性。在这种特性之下，用户的真实身份很难去追踪和验证。尽管用户在区块链网络中的行为都是公开透明的，凭借这些交易行为确实可以利用大数据分析技术来对交易双方的真实身份进行推断，但这种方式的推断具有很大的主观性,容易找到辩护的空间。
In handling cases, our lawyers need to note that, because of the strong anonymity of virtual money, the holder of information is a public key and a private key string, different accounts and addresses generated by the system are not relevant. Under this feature, the true identity of users is difficult to trace and verify.
我们主要审查以下虚拟货币的流转证据：
We are mainly examining evidence of the movement of the following virtual currencies:
①币安、火币网、OKEX等交易平台调取的账户注册信息、充币交易信息、提币交易信息以及内部交易信息。
Information on the registration of accounts, information on money-filling transactions, information on currency-titling transactions and information on internal transactions obtained from trading platforms such as 1 dollar security, the gunnet, OKEX, etc.
②通过计算机、手机及云取证方式获取以及分析的钱包地址关联的用户信息，例如邮箱名称、微博账户、qq登录ip等。
2 User information linked to the wallet addresses analysed through computer, cellular and cloud evidence, e.g. postbox name, microblogging account, qq logip, etc.
③从扣押的电脑、手机、移动硬盘等硬盘中提取恢复的电子数据以及分析鉴定报告。
3 Recovery of electronic data from seized computers, mobile phones, mobile hard disks, etc., and analysis of identification reports.
④犯罪嫌疑人其所控制的数字货币地址、密钥以及利用犯罪嫌疑人的交易记录进行交易人员的虚拟地址分析。
The suspect controls the digital currency address, the key and the virtual address analysis of the person using the suspect's transaction record.
⑤通过提币地址对被告人数字货币进行追踪服务报告。
5 A tracking service report of the accused's digital currency is carried out at the address of the tender.
我们律师在办理案件时，要通过对证据的质证，看是否形成数字货币账户、钱包地址与犯罪嫌疑人（被告人）的身份信息对应关联关系的证据链。主要从以下两个方面入手：
In handling the case, our lawyer will examine the evidence and see whether it is linked to digital currency accounts, wallet addresses, and the identity information of the suspect (the accused).
①能否形成钱包地址与犯罪嫌疑人的IP地址以及设备的MAC地址对应关联关系的证据链。我们注意使用tor、vpn的情况下有关IP地址的证据瑕疵以及关联性的问题。我们一定要知道，仅有钱包地址，很难确定登录ip，仅有IP地址也无法直接建立现实地点与行为人之间的关联，无法简单的认定犯罪。大部分被判刑的都是有其他证据印证，例如自己认罪，或者从手机电脑等硬盘中的数据网络日志缓存日志等痕迹、QQ登录信息、发帖信息、Cookie信息，以及其他信息相印证。
1 Whether the wallet address is related to the IP address of the suspect as well as to the MAC address of the device. We are concerned about the defects in the evidence of the IP address and its relevance in the case of the use of tor, vpn. We must know that only the wallet address makes it difficult to determine the login ip, and only the IP address is unable to establish a link between the actual location and the perpetrator directly and cannot easily be identified as a crime. Most of the convictions are supported by other evidentiary evidence, such as self-incriminating statements or traces of data log caches from hard drives such as mobile phones, QQ log-in information, post information, Cookie information, and other information.
②能否形成数字货币流转过程与犯罪嫌疑人的其他网络信息、网络痕迹形成对应或关联关系的证据链。比特币等数字货币仅仅是半匿名的，该协议并不知晓交易方真实姓名，但通过种种方法，仍可通过交易信息关联到现实中的人。在很多案件中，犯罪嫌疑人被抓并不是因为钱包地址与真实身份产生了对应关系，而是因为交易过程中留下的各种网络痕迹通过取证分析与犯罪嫌疑人的身份产生了关联，我们律师在辩护时，要注意审查这些网络痕迹取证的合法性，用专业的知识和技巧尽力审查他们之间的关联性。
In many cases, suspects are caught not because their wallet addresses correspond to their true identity, but because the web trails left in the course of the transaction are linked through forensic analysis to the identity of the suspects, and our lawyers, in their defence, take care to examine the legitimacy of the evidence of these web traces and try to examine their connection with each other with professional knowledge and skills.
我们在处理案件时要具有专业知识和经验，掌握数字货币的匿名性、去中心化以及追溯的基本知识以及暗网和矿池取证的情况，掌握IP地址、网关地址、网络日志、防火墙日志等相关网络痕迹的取证以及质证技巧。关于这两方面的内容我在比特币追溯文章中已经详细介绍了，这里就不在多说。
We need professional knowledge and experience in dealing with cases, basic knowledge of digital currency anonymity, de-centralization, and traceability, as well as evidence from dark nets and pits, evidence of related web traces such as IP addresses, gateway addresses, web logs, firewall logs, etc. The details of these two aspects are detailed in my Bitcoin retrospective articles, not much is said here.
再次，审查资金流向、虚拟货币流向的证据，能否形成资金流向犯罪嫌疑人的闭合证据链。
Third, the examination of evidence of financial flows, virtual currency flows, and the ability to form a closed chain of evidence on financial flows to suspects.
资金流是破案的关键证据，很多案件就是通过对涉案资金的追溯，发现被害人的资金流入犯罪嫌疑人名下或持有的银行账户、微信、支付宝、虚拟货币钱包等账户，最终找到被告人，但是因为一些反侦查手段的实施，例如使用黑卡、地下钱庄、跑分平台、OTC场外交易、暗网等手段，使通过资金追溯找到被告人的难度越来越大。
The flow of funds is key evidence of the resolution of the case, and many cases result from the tracing of the funds involved, the discovery of the funds of the victims into accounts such as bank accounts, micro-letters, payment treasures, virtual currency wallets, etc. in the name or in the possession of the suspects, and the eventual location of the accused, but the difficulty of locating the accused retroactively through the use of some counter-investigation techniques, such as black cards, underground money houses, running branch platforms, OTC off-site transactions and clandestine networks, is increasing.
我们必须掌握数字货币变现的风险点以及审查资金流相关证据的思维和方法，如果不能形成证据链，就有可能从证据上切断涉案资金、数字货币的交易网络、交易行为以及资金流向与被告人的对应或关联关系，就有争取到不批捕、不公诉或者无罪的可能，例如在陕西毛某一案，第三级收款账户的钱如何转出，以及尾号为TH5Y提币地址如何变现都未查清，警方在补充侦查报告中，称查清难度大，无法查清，便草草结案。
We must be informed of the risk points for the realization of digital currency and the way in which evidence relating to the flow of funds can be examined. Without an evidentiary chain, it is possible to cut off the corresponding or related links between the funds involved, the trading networks of digital currency, the conduct of transactions and the flow of funds to the accused from evidence. There is a possibility of obtaining non-arrests, non-prosecution or innocence, such as in one case in Xanximau, the transfer of funds from the third-tier collection account, and the liquidation of the TH5Y coin address, which has not been clarified. In the supplementary investigation report, the police state that it is difficult to identify and cannot be ascertained and that the case is closed.
我们在办理案件时，要以最专业的思维重点审查以下涉及资金的证据，看能否找到证据的问题，使得涉及资金流转的证据不能形成与被告人对应证据的证据链。
In dealing with cases, we have to focus our best professional thinking on examining the following questions of evidence relating to funds, to see whether evidence can be found, so that evidence relating to the flow of funds does not form an evidence chain corresponding to that of the accused.
①被害人报案时提供的自己的打款的账号、转币的钱包地址；
(a) The number of the account or wallet of the victim's own payment, which the victim provided at the time of reporting the crime, and the address of the wallet in which the money was transferred;
②被诈骗资金、数字货币的流转情况以及银行卡、微信、支付宝、网游账户等的交易记录和明细；
2 Fraudulent funds, movements of digital currency and records and details of transactions such as bank cards, micro-mails, payment treasures, Internet-based accounts, etc.;
③数字货币最终提币地址如何变现，变现后的资金流转账户明细，通过提币地址对被告人数字货币进行追踪服务报告；
(b) How the digital currency will eventually be realized, the details of the money flow account after realization, and the tracking service report on the accused's digital currency through the currency transfer address;
④涉案资金、数字货币流入的账户相关注册开户信息、银行卡被扣押等信息的证据以及与犯罪嫌疑人（被告人）关联性的分析报告；
(d) Evidence of information relating to funds in question, information relating to the opening of registered accounts in connection with digital currency inflows, seizure of bank cards, and analysis of the links to the suspect (accused);
⑤取款记录、凭证；
5 Record of withdrawals, supporting documents;
⑥针对第三方交易平台、客户端、相关移动设备以及所采用的资金流动的相关支付行为等的目标性电子数据；
Targeted electronic data for third-party trading platforms, clients, related mobile devices and related payments for the financial flows used;
⑦犯罪嫌疑人（被告人）名下所有或持有的他人的银行账户、微信、支付宝账户、数字货币钱包地址等的资金、币的流入明细。
The funds in bank accounts, micro-letters, payment treasure accounts, digital wallet addresses, and details of the inflow of currency belonging to or held by other persons under the name of the suspect (accused).
要注意黑卡、跑分平台、网络洗钱环节导致的证据链中端无法追溯的问题，要重点注意数字货币去中心化、匿名性、暗网、混币等是否导致虚拟货币交易网络中断的问题。
Attention should be paid to the non-retroactivity of the evidence chain from black cards, running points, web money-laundering links, and to the question of whether digital currency decentralization, anonymity, dark net, monetization, etc., led to the disruption of the virtual money-trading network.
五、争取认定为单位犯罪而非个人犯罪。如果认定为单位犯罪就可以大幅度的降低相关被告人的刑期。
V, seeking recognition as a unit crime and not as an individual crime.
我们在办理案件时，可以根据单位设立的目的、利用虚拟币融资的次数、频度、持续时间、资金规模、资金流向、投入人力物力情况、单位进行正当经营的状况以及犯罪活动的影响、后果等因素来争取认定为单位犯罪。
When dealing with a case, we may seek recognition as a unit crime on the basis of the purpose for which the unit was established, the frequency, duration, size of the funds, the flow of funds, the investment of human and material resources, the proper operation of the unit and the effects and consequences of criminal activity.
六、从主从犯和情节上化解相关风险。
vi. Addressing the risks associated with the main accessory and the circumstances.
1、争取认定为从犯。
1. To seek recognition as an accessory.
2、从自首、坦白、退赃、立功、认罪认罚等情节争取取保候审、不公诉、缓刑、免于处罚等。
(b) Seeking bail, non-prosecution, suspended sentences, exemption from punishment, etc. from the circumstances of surrender, confession, restitution, establishment of merit or guilty plea.
最后一项，我要说的是，此类案件涉及大量的专业知识，我们要想预防、化解相关的刑事犯罪风险，争取到最轻的处罚，维护好合法权益，就必须掌握区块链、数字货币、网络支付、网络黑灰产、电子取证等专业知识，这对我们律师提出了更高的专业要求，要求我们必须掌握专业的知识和经验技巧。
Finally, I would like to say that such cases involve a great deal of expertise, and that we need expertise in block chains, digital money, network payments, Internet black ash production, electronic forensics, etc., if we are to prevent, address the associated criminal risk, obtain the least possible punishment, and safeguard legitimate rights and interests, which imposes higher professional demands on our lawyers and demands that we have professional knowledge and skills.
在文章的最后，我要说的是，都说区块链技术是下一个风口，但区块链金融江湖的水有多深，并不是每一位从业者以及投资者都搞得清楚，要想在区块链和虚拟货币领域内创业和投资，要时刻保持头脑冷静、灵台清明，不要迷失了本心，否则，这个行业带给你的，可能不是财富而是灾祸。
At the end of the article, I would like to say that block chain technology is the next tip, but how deep it is in the financial chain is not clear to every practitioner and investor that to start a business and invest in the area of block chains and virtual money must remain calm and clear and do not lose your mind; otherwise, the industry may bring you something that is not wealth but disaster.
最后也希望我们律师能加强对这类新型犯罪的研究，能对该类新型犯罪案件的公正处理提供有益的探索，在区块链虚拟货币相关行业走上法制化的过程中，贡献我们的知识、力量和担当。
Finally, it is hoped that our lawyers will intensify their research on this new type of crime, which will provide a useful exploration for the fair handling of this new type of crime and will contribute our knowledge, strength and commitment to the legalization of the virtual currency-related sector of the chain.
张洪强律师办案经验总结，禁止任何形式的转载复制剽窃，违者必究。
Justice Zhang Hongqiang's experience in handling the case has led to the prohibition of any form of reproducing and plagiarizing, in violation of the law.
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