Taiwan’s leading cryptocurrency exchange, ACE, has been implicated in a major fraud case. The main suspect, including founder Pan Yizhang, has been arrested. Shockingly, further investigations by the police have revealed that the current CEO of the exchange, Wang Chenhuan, is also involved in this fraud case. ACE has issued a statement, stating that they will fully cooperate with the judicial authorities in the investigation.
Background: ACE Exchange implicated in fraud case – founder profited from selling “air coins” for many years, estimated illegal gains exceed 1 billion NTD.
ACE, a local Taiwanese cryptocurrency exchange, has been involved in a large-scale fraud case since the beginning of January. It was revealed that they used social media to promote “garbage coins” for over three years, allegedly making illegal profits exceeding 1 billion NTD. The main suspects, including founder Pan Yizhang, have been arrested. However, the fraud case continues to escalate, as the current CEO of ACE, Wang Chenhuan, has now also been revealed to be involved. Prosecutors have instructed the police to search and arrest Wang Chenhuan and four other related individuals, who are currently under detention.
ACE Exchange Statement: Full cooperation with investigation by authorities
Before noon today, ACE Exchange also posted a latest statement on their official website, stating that they are fully compliant with the law and regulations. They will not only fully cooperate with the investigation by the authorities, but also ensure the security of user funds, with normal deposit and withdrawal procedures.
ACE Exchange CEO previously issued a statement denying involvement in the case
It is recommended that ACE users who are concerned about the safety of their assets consider transferring or withdrawing their funds to reduce risks. Victims of the “garbage coins” are also urged to fill out the form provided by the New Taipei City Criminal Investigation Bureau and then report to the police station, in order to protect their rights.
New Taipei City Criminal Investigation Bureau asks victims to fill out form: [Link]
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Financial Supervisory Commission takes action! Sends a letter to ACE Exchange, demanding explanation for involvement in fraud, does not rule out special project investigation, maximum penalty of three measures
Response from Taiwan Virtual Currency Association: ACE Exchange temporarily withdraws VASP preparatory group, individuals involved are not current executives.