ACE Exchange’s current president and director of Jianye Law Firm, Wang Chenhuan, has been found to be involved in “garbage coin fraud” by the prosecutors. He has been arrested and a request for a ban on visits has been filed.
Background:
Financial Supervisory Commission takes action! Sends a letter to ACE Exchange to explain the fraud allegations, does not rule out special investigation, and imposes up to three penalties.
The landmines in the cryptocurrency market continue to explode! Previously, it was reported that ACE Exchange’s founder, Pan Yizhang, was involved in the sale of a large number of “garbage coins” and the scandal of listing them on ACE Exchange. This morning, it was revealed that Wang Chenhuan, the current president and responsible person of ACE Exchange, has been urgently arrested. The prosecutors have applied for his detention and banned visits along with four other suspects.
What shocked the judicial and business circles even more is that Wang Chenhuan is currently also the director of the well-known “Jianye Law Firm” in Taiwan. The law firm is located in Taipei 101 and is known for providing professional legal services for Mainland China and cross-border investments. With a history of over 50 years, it is considered the top law firm in Taiwan. According to ACE Exchange’s previous statement, Wang Chenhuan, as a supervisor, bought the majority of shares from other shareholders and became the current president and responsible person of ACE Exchange.
Wang Chenhuan is still involved in the garbage coin fraud case:
According to the Taipei District Prosecutors Office, after multiple rounds of evidence filtering in the previous garbage coin case, it was discovered that Wang Chenhuan is suspected of participating in fraud, money laundering, and other crimes, and is involved with other current employees of ACE Exchange. Yesterday (23), the New Taipei City Criminal Investigation Bureau, Taipei City Investigation Division, Yilan Jiaoxi and Su’ao branches dispatched multiple teams to search 10 possible hiding places for Wang and successfully arrested Wang Chenhuan, as well as Li Linda, who assisted in listing the garbage coins, and ACE Exchange employees Gao Weilun, Lin Shufen, and Xie Shijing.
After overnight interrogations and considering the risk of escape, collusion, and reoffending, the prosecutors have decided to detain and ban visits for all five suspects. Previously, Wang Chenhuan, in his capacity as ACE’s responsible person, stated that he was “unaware and not involved in the fraud case” and requested full cooperation from his employees in the investigation. However, the prosecutors found inconsistencies and the falsehoods were exposed.
Further reading:
ACE fraud case continues to unfold: Criminal Investigation Division “summons victims” to fill out fraud report forms (with link attached)
According to a legal professional and Dong Qu, Pan Yizhang, the founder of ACE Exchange, had previously worked at KPMG Anhou Jianye Accounting Firm. The current president, Wang Chenhuan, is even the director of a well-known law firm. Both of them should have followed the path of compliance and legality, but they have both fallen into cryptocurrency fraud, which has surprised the legal community. There may still be hidden dangers behind ACE Exchange.
It is understood that Wang’s reputation in the legal community is quite polarized. Some people believe that his youth and ideals led him to get involved in cryptocurrency matters, while others think that Wang has a strong and straightforward personality that some seniors do not like.
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ACE fraud case continues to unfold: Criminal Investigation Division “summons victims” to fill out fraud report forms (with link attached)