3. The lower court, which viewed that there is no evidence to prove a crime with respect to the part that the criminal defendant recognized that the facts revealed were false or had the intent to disparage the victim’s reputation, reversed the judgment of the first instance court, which handed down a guilty verdict as to the facts charged of this case and found the criminal defendant innocent. The detailed reasons are as follows. A. The criminal defendant notified the victim that he/she will report to the US supervisory institution or investigative agency in relation to the part that the victim represented himself/herself as the CEO of Nonindicted 2 Group Asset Management by directly sending a text message. The criminal defendant seemed to have a full assurance that the victim was not the CEO of Nonindicted 2 Group Asset Management and intended to swindle the investment under the qualification thereof. Nonindicted 2 Group legal team also sent the victim a warning mail as the said legal team misunderstood that the victim intended to obtain private interest by using the company name secretly in the process of identifying whether the victim was the CEO of Nonindicted 2 Group Asset Management. If so, the criminal defendant’s doubt as above can be seen to be also reasonable to some degree. B. The criminal defendant posted this on an information and communications network after readily concluding that the victim represented himself/herself as the CEO of Nonindicted 2 Group Asset Management based on the fragmentary impression he/she received from the limited chance of meeting the victim for a short period of time and somewhat insufficient verification result, etc. Such an act of the criminal defendant is somewhat inappropriate or excessive. However, at that time, innocent victims appeared to be produced in large quantities as the investment in the blockchain market in which information asymmetry was great seemed to be overheating. The victim was invited to the international seminar on finance, etc. as the CEO of Nonindicted 2 Group Asset Management, and introduced the coin issuance project of ◇◇ blockchain storage and attracted the investment while giving a lecture at the international seminar, and thus in relation thereto, the victim’s career and credibility in the financial industry needed to be criticized and verified. The place where the criminal defendant posted the message on the bulletin board was the group chat room, which was composed of the members of Nonindicted 3 Conference. All things considered, the main motive impeached by the criminal defendant lies not in disparaging the victim’s reputation but