Lin Jun-hsien, a 31-year-old former customer manager at China Construction Bank (Asia) Limited, admitted a charge of conspiracy to accept an advantage as an agent involving more than US$470,000 in Tether cryptocurrency. He remained in custody after the District Court adjourned sentencing to September 18, 2026.

The case concerns Vesttoo Limited, an Israel-based financial technology company that operated a digital platform for trading insurance-linked securities. Investors using the platform were required to provide a bank-issued standby letter of credit or a collateral letter recognised by a bank as security.

According to court reports, the alleged conduct took place between April 2022 and July 2023. Lin was reported to have issued or helped authenticate 88 standby letters of credit and two collateral letters purportedly issued or approved by China Construction Bank.

The 88 standby letters were reported to have a combined value of about US$1.645 billion, while the two collateral letters were valued at about US$38 million. One source described the documents as false, while the other used the more qualified description that they were purportedly issued or approved by the bank.

The alleged advantage exceeded US$470,000 and was paid in Tether, with one report putting its approximate value at HK$3.69 million. Ming Pao reported that the bank met Lin internally in July 2023, after which he admitted that Vesttoo’s senior capital-markets director had promised him more than HK$1 million in compensation.

Lin was arrested on July 28, 2023, and reportedly remained silent under caution. He admitted the conspiracy-to-accept-an-advantage charge in court on September 9, 2026, while a separate conspiracy-to-use-false-documents charge was filed in court rather than recorded in the supplied reports as a conviction.

The court remanded Lin in custody pending sentencing and was expected to deal with a restitution order. The supplied reports do not state the eventual sentence, the amount of any restitution or the final outcome of the separate false-document charge.