In early 2024, ACE, one of Taiwan’s three major cryptocurrency exchanges, was rocked by an involvement in a scam involving junk coins. Today, the police launched a third wave of crackdowns and arrested 14 people, bringing the total number of arrests in the three waves to about NT$480 million.
In January of this year, ACE, one of Taiwan’s three major cryptocurrency exchanges, was shocked by its high-level involvement in a junk coin scam. The criminal group had illegally obtained over NT$1 billion in the past three years, shocking the Taiwanese industry.
The current co-founder and former chairman of ACE, Pan Yizhang, the current president and responsible person, Wang Chenhuan, who is also a well-known lawyer, the mastermind of the scam, Lin Genghong, and Lin Ruochao of the Qianqiao team…were all detained and banned from contact.
The police launched a third wave of crackdowns and arrested 14 people
According to the latest report from the United News Network, today, the New Taipei City Criminal Investigation Bureau, together with the Investigation Bureau Taipei Branch and the Jiaoxi Police Station in Yilan County, mobilized 70 police officers to carry out the third wave of search operations in 15 locations in Taipei, New Taipei, Taoyuan, Miaoli, and Yilan.
The criminal group’s senior member, a man surnamed Chen (36 years old), and 14 other individuals were brought to justice, and cash amounting to NT$3 million, as well as account books, mobile phones, and other evidence, were seized. In total, the special task force has seized about NT$480 million in the three waves of crackdowns.
In addition, the New Taipei City Criminal Investigation Bureau also stated that they will proceed with price auctions through judicial procedures to return the illegally obtained proceeds to the victims. The public is also reminded to be cautious as almost all investment opportunities that sound too good are scams.
Victim reporting process
This fraud case has had a wide impact. If you are also a victim, you can visit the website to view the complete process for handling the case:
ACE involved in junk coin scam: Victims, come forward! New Taipei City Criminal Investigation Bureau: Confiscated funds will definitely be returned, including Moquan Coin, FITC, COR…sufficient evidence, only missing statements (with reporting tutorial)
As Pan Yizhang, Wang Chenhuan, the mastermind Lin Genghong, and the other seven senior members and individuals involved in the case have entered their second period of detention, it can be expected that in order to avoid the risk of tampering with evidence after they are released, the prosecutor will file a lawsuit with the court as soon as possible before the end of the detention period (early May) to ensure continued detention during the trial.
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