Taiwan’s ACE flagship cryptocurrency exchange has been embroiled in a major fraud case, with key suspects including founder Pan Yizhang being arrested. Shockingly, after a thorough investigation, the police have discovered that the current manager of the exchange, Wang Chenhuan, is also implicated in this fraud case. ACE Exchange has issued a statement, fully cooperating with the judicial authorities in their investigation.
Taiwan’s local ACE flagship cryptocurrency exchange has been caught up in a large-scale fraud case since the beginning of January. It has been revealed that they have been using community marketing to promote “garbage coins” and have allegedly illegally profited over NT$1 billion in the past three years.
The main suspects in this case, including founder Pan Yizhang, have already been arrested. However, the fraud case continues to escalate, as the current manager of ACE Exchange, Wang Chenhuan, has now been implicated in the fraud as well. The prosecutor has instructed the police to search and arrest Wang Chenhuan and four other related individuals, who are currently in custody and prohibited from meeting anyone.
ACE Exchange’s statement: Full cooperation with the investigation by the authorities
ACE Exchange has also posted the latest statement on its official website before noon today, stating that everything is legal and compliant. They not only fully cooperate with the investigation by the authorities, but also ensure the security of users’ funds, with the deposit and withdrawal procedures remaining normal.
ACE Exchange’s responsible person had previously made a statement denying involvement in the case. They suggest that if ACE users are concerned about the security of their assets, they should consider transferring or withdrawing their funds to reduce the risk. They also urge victims of the garbage coin fraud to fill out the form provided by the New Taipei City Police Department and then report the case to the police station, courageously defending their own rights.
New Taipei City Police Department requests victims to fill out the form: Link
https://forms.gle/3yKKFJXhKAcHubGs9
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ACE fraud case continues to spread: Criminal Investigation Bureau “summons victims” – please fill out the form to report the fraud (link included)
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Response issued! Taiwan Virtual Currency Association: ACE Exchange temporarily withdraws VASP preparatory group, individuals involved are not current executives