After the former and current heads of Ace Exchange, Pan Yizhang and lawyer Wang Chenhuan, were prosecuted by prosecutors, the platform announced that a new management team has taken over and stated that due to the need to change the brand name, the adjustment of the KGI Bank trust account will be carried out simultaneously. Users will need to return all Taiwanese assets before they can resume depositing funds, and the earliest time to restore deposits will be in November.
(Previous summary:
FSC fined Ace Exchange 1.52 million for violating anti-money laundering laws: inadequate KYC, lack of transaction monitoring…)
(Supplementary background:
Latest update on Ace cryptocurrency fraud case: Prosecutors file additional charges against Pan Yizhang and 133 others, requesting heavy sentences.)
Table of Contents:
Ace Exchange’s ability to resume deposits will have to wait until November
Ace Digital Innovation changes name to RunTong Digital Innovation
Ace Exchange needs to fully refund Taiwanese assets
Taipei District Prosecutors’ Office announced the end of its investigation into the 2.2 billion junk coin fraud case of Ace Exchange at the end of April this year. They charged 32 individuals, including the ringleader Lin Genghong, former and current heads of Ace Exchange Pan Yizhang and lawyer Wang Chenhuan, with crimes such as organized crime, fraud, and money laundering. They sought sentences of more than 20 years in prison for the main suspects.
Biggest case in Taiwan
Complete timeline of the Ace Exchange junk coin fraud case
After being prosecuted one after another, the exchange also had new operators taking over. They announced at the beginning of this month that they would change the company name and maintain the deposit system.
According to information obtained by Dong Qu from insiders, Ace Exchange has now been acquired by a new team. However, the resumption of operations is subject to approval from the Financial Supervisory Commission and the cooperation of a new trust agreement with KGI Bank. Therefore, the official announcement stated that the suspension of deposits will be extended until November 1, 2024, at 17:00.
The ACE official Chinese community expressed in the group:
According to publicly available company registration data, the original name “Ace Digital Innovation Co., Ltd.” has been renamed to “RunTong Digital Innovation Co., Ltd.” on October 18, 2024. The registered address has changed to No. 100, Section 1, Zhongxiao West Road, 10th Floor, and the company’s director has changed to Liao Weizhi at an earlier time.
On the other hand, the current operator Liao Weizhi is associated with AP New Energy Co., Ltd. and Hongyuan Investment Co., Ltd.
According to information obtained by Dong Qu from insiders, the new owner behind ACE is an honest businessman who used to work in a traditional industry and is currently retired and financially secure. He decided to buy ACE because he “does not want any exchange in Taiwan to collapse,” which would have a negative impact on the industry. He sees it as a fresh challenge.
On the other hand, according to discussions in the ACE user community, due to the name change of ACE Exchange, the trust account with KGI Bank needs to be adjusted accordingly. To ensure a smooth transition of the trust account, users need to refund their Taiwanese assets stored on the platform.
According to today’s (24th) announcement, there will also be adjustments to some functions, as follows:
From 14:30 to 15:00 (UTC+8) on October 25, 2024, there will be system maintenance and some trading pairs will be delisted in the spot market:
Spot Market:
ADA/TWD, APE/TWD, ARB/TWD, BNB/TWD, BONK/TWD, BTC/TWD, DOGE/TWD, DOT/TWD, ETH/TWD, FTM/TWD, GALA/TWD, LTC/TWD, POL/TWD, SAND/TWD, SHIB/TWD, SOL/TWD, SSV/TWD, TRX/TWD, USDC/TWD, USDT/TWD, WOO/TWD, XRP/TWD
*After the delisting of trading pairs, corresponding grid trading running robots will be disabled.
Dollar-Cost Averaging:
BTC/TWD, ETH/TWD
*After the delisting of trading pairs, ongoing dollar-cost averaging orders will be closed.
One-Click Buy/Sell:
TWD to BTC, TWD to ETH, TWD to USDT
Delisting of dual-currency wealth management trading pairs on October 28, 2024, at 17:00
*Existing orders will not be affected, but new orders cannot be placed after delisting (the automatic reinvestment strategy will also be suspended after settlement).
Related reports:
Reversal! Ace cryptocurrency fraud case main suspects Pan Yizhang, Lin Ruocuo, and Lin Genghan “released on bail and then detained again”
Latest update on Ace cryptocurrency fraud case: Prosecutors file additional charges against Pan Yizhang and 133 others, including 102 business personnel and 4 branch presidents, requesting heavy sentences
Latest update on Ace cryptocurrency fraud case: Main suspects Pan Yizhang and Lin Ruocuo released on bail with a hefty sum of 58 million, with electronic ankle monitors.