Steaker responds to the lawsuit: insists on legal operation, hopes the law will restore the truth.

The Taiwan virtual asset platform Steaker, facing prosecution from the authorities, has officially issued a statement clarifying that it has not operated illegally and emphasizes that it has been compliant with the law and has maintained communication with regulatory authorities since its establishment. Founder Huang Wei-Hsuan also spoke out for the first time, reiterating that no user assets have ever been misappropriated and that he will fully cooperate in the legal proceedings to clear his name. This incident has once again raised concerns regarding the applicability of regulations in the encryption industry.

Regret over the prosecution statement: Inconsistent views of the court cause legal risks.

Steaker stated that they feel regret and disappointment regarding the prosecution's accusation of violating banking laws and anti-money laundering laws. They emphasized that the company sought legal professional advice from the very beginning and confirmed the court's interpretation at that time to ensure the legality of their business model. The company pointed out that in recent years, the court's differing interpretations in virtual asset cases have caused significant uncertainty for the startup industry.

Emphasize lawful operations and actively cooperate with regulatory adjustments.

Since its establishment in 2019, Steaker has been committed to providing virtual asset allocation services for users in Taiwan. In response to the anti-money laundering regulations issued for virtual asset operators in Taiwan in 2021, the company quickly took the following actions:

Hire experienced compliance consultants to adjust the organization and train internal personnel.

Establish a SAFU fund to respond to systemic risks.

Submit an anti-money laundering declaration to the Financial Supervisory Commission and continue to improve the operating model.

In 2022, the KYC system was upgraded, restricting the permissions of users who have not completed real-name verification.

Steaker stated that these measures are all aimed at ensuring Compliance with the law, while also enhancing platform security and user protection.

Refute the accusations of illegal acceptance of deposits and mixed use of assets

Regarding the claim in the indictment that Steaker is suspected of violating Article 29 of the Banking Law, Steaker states that virtual assets are not legal tender and are different from the traditional financial system, and should not be directly interpreted under the Banking Law.

At the same time, the company refuted the so-called claims of "asset commingling," emphasizing that the ENTRYONLY sub-account used for user deposits is necessary for management and does not imply any obfuscation or concealment of funds. All fund inflows and outflows have clear accounts and distinctions.

No profit is ever guaranteed, risk disclosure is open and transparent.

Steaker emphasizes that it has never guaranteed users' principal or profits, and the platform always openly discloses product risks, reminding users to pay attention to the volatility of virtual assets through the registration process, product pages, and terms. The establishment of the SAFU fund is precisely to protect users' interests during severe market fluctuations, rather than for misleading fundraising.

The impact of FTX's bankruptcy has prompted Steaker to launch the Dawn Project to compensate users.

At the end of 2022, the world's second-largest exchange, FTX, suddenly filed for bankruptcy. Steaker admitted that the event had a serious impact and was an act of God. The company immediately launched the compensation plan "Steaker Dawn", and to date, more than 86% of users have participated and received corresponding compensation shares.

Users can track the compensation progress through the dawn.steaker.com platform. Steaker stated that it will continue to promote compensation to protect the rights and interests of all participants.

The platform has indefinitely ceased operations, and users can still withdraw the full amount.

Since April 28, 2023, Steaker has indefinitely suspended all business on the platform, including product subscriptions and new user registrations. However, users who were not affected by the FTX incident can still log in to the original platform steaker.com to withdraw virtual assets using their original wallet, with a guarantee of 100% refund.

Founder speaks out: No assets have been misappropriated, will fully respond to the lawsuit.

Founder Huang Weixuan publicly stated in an announcement that he has actively cooperated with the investigation over the past two and a half years and continued to promote the compensation plan during his detention. He emphasized:

"Steaker has never accepted fiat currency, has never promised capital preservation, has never issued its own tokens, and has never misappropriated user funds."

Huang Weixuan pointed out that the company has appointed a U.S. bankruptcy attorney to participate in the FTX claims and is actively recovering other assets to compensate users. He criticized the media and some online opinions for misleading public sentiment, emphasizing that he has not been elusive but is continuously working to resolve user issues.

The definition of industry regulations remains vague, calling for society to rationally address the innovative industry.

Steaker emphasized that Taiwan's legal positioning on virtual assets still has gray areas, especially in the definition of the applicability of the Banking Act and the Anti-Money Laundering Act. They call on all parties to face the growth and challenges of new industries with rationality and institutional support.

Huang Weixuan also stated:

"I do not evade responsibility, but we need a logical and procedural environment that allows entrepreneurs to move forward with peace of mind."

The subsequent development awaits judicial ruling, and Steaker will continue to update news.

Steaker expressed its intention to respect the judicial process, continue providing explanations and evidence, and hopes the court will restore the truth of the event. The company also committed to publishing all subsequent developments on its official website and thanked the public for their follow and support of the Steaker team.

This article responds to the lawsuit against Steaker: insists on legal operation, hopes the law will restore the truth, first appeared in Chain News ABMedia.