This morning, it was revealed that Wang Chenhuan, the current president and principal of ACE Exchange, is suspected of involvement in a “garbage coin fraud” and has been urgently arrested. The prosecutor has detained and prohibited visits for Wang and four other suspects. As Wang Chenhuan is also the managing partner of the well-known domestic law firm, Jianye Law Firm, this case has attracted special attention from the legal community.
Currently, Zhang Shaoteng, the CEO of Jianye Law Firm, has issued a recent statement, stating that Wang Chenhuan’s personal investment in Wangpai Digital Innovation Co., Ltd. has no connection with the firm. Starting from today, the position of managing partner will be handed over to other lawyers.
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What should ACE users do? After the arrest of President Wang Chenyuan, the exchange stated that they will fully cooperate with the investigation, and deposits and withdrawals are operating as usual.
ACE fraud case spreads: Criminal Investigation Brigade “calls for victims” to fill out the form for reporting fraud involving Magic Coin NFTC QQQ… (link included)