Breaking News: ACE Exchange CEO Wang Chenhuan Arrested in Connection with Cryptocurrency Fraud Case
Update as of 4:00 PM on the 24th: The New Taipei City Police Department has released the latest information on the seized assets. A total of 480 million NTD in illegal gains has been confiscated, including over 180 million NTD in cash and over 290 million NTD in cryptocurrency found at Wang Chenhuan’s residence and the conspirators’ residence. Additionally, two luxury cars owned by Wang Chenhuan, including a McLaren, have been seized and may be auctioned off in accordance with the legal process.
Wang Chenhuan, the current president and CEO of ACE Exchange, has been arrested on suspicion of involvement in a cryptocurrency fraud scheme. On the 23rd, the police conducted searches at Wang’s home and discovered over 49 million NTD in cash. They also searched the residences of other members of the group and found 17 million NTD in cash and various cold wallets containing nearly 190 million NTD worth of cryptocurrency. Furthermore, a McLaren 720S supercar worth 18 million NTD was confiscated at his girlfriend’s house.
Recently, the authorities discovered suspicious financial transactions between ACE Exchange and Wang Chenhuan’s personal accounts, indicating possible money laundering activities. On the 23rd, the New Taipei City Police Department, Taipei City Investigation Bureau, Yilan Jiaoxi, and Suao Branches deployed multiple teams to search 10 locations in Taipei, New Taipei, and Yilan where Wang and his accomplices may have hidden their ill-gotten gains. As a result, Wang Chenhuan, along with Li Linda, who assisted in listing the fraudulent tokens, and ACE Exchange employees Gao Weilun, Lin Shufen, and Xie Shiyin, were arrested and brought to justice.
During questioning, Wang Chenhuan denied any involvement in the case, claiming that the suspicious funds were borrowed from a friend. However, due to his inability to explain the source of the funds, he was detained by the prosecution. As part of the investigation, approximately 66 million NTD in cash, nearly 200 million NTD in cryptocurrency, and a McLaren 720S worth 18 million NTD were seized.
Wang Chenhuan previously stated that he fully acquired ACE Exchange. In a video released earlier this year, he announced that he took over as the CEO of ACE Exchange on December 14, 2023, and held 100% of the shares.
The news of Wang Chenhuan’s arrest has shocked the cryptocurrency and legal communities, causing concern among many ACE users. If readers have assets stored on ACE Exchange, it is advisable to consider withdrawing them temporarily to avoid risks. Currently, there have been no reports of any abnormal deposit or withdrawal activities on ACE Exchange.
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What should ACE users do? Following the arrest of CEO Wang Chenhuan, ACE Exchange assures users that it will fully cooperate with the investigation and that deposit and withdrawal services are operating normally.