ACE, a leading cryptocurrency exchange in Taiwan, was recently involved in a large-scale fraud case. The co-founders, Pan Yizhang and Wang Chenhuan, were arrested, and this article provides an overview of the incident and advice for victims on how to protect themselves. The article will be updated with the latest information.
Background:
Breaking News: ACE Exchange CEO Wang Chenhuan Arrested! Also the managing partner of Jianye Law Firm, involved in “garbage coin fraud” case, detained and denied visitation.
Background:
Breaking News: ACE Exchange involved in cryptocurrency fraud! Co-founder arrested for profiting from “air coins” for years, estimated illegal gains exceeding 1 billion NTD (Magic Coin).
Table of Contents:
MOCT, NFTC, BNAT… What should the victims do?
For ACE Exchange users:
January 24: Current CEO Wang Chenhuan arrested
January 16: Criminal Investigation Brigade urges victims to report
January 9: Financial Supervisory Commission’s statement
January 5: ACE withdraws from VASP preparatory group
January 4: Fraud case exposed, former chairman Pan Yizhang arrested
ACE, a well-known local cryptocurrency exchange in Taiwan, was suddenly exposed in early January for being involved in a large-scale fraud. They have been illegally profiting from promoting multiple garbage coins (MOCT, NFTC, BNAT, etc.) for over three years, with illegal gains exceeding 1 billion NTD. The police made a major move and arrested ACE’s co-founders, former chairman Pan Yizhang, an accomplice named Lin, and over ten of their followers.
On January 24, ACE Exchange’s current CEO Wang Chenhuan, along with Linda Li, who assisted in listing the garbage coins, and ACE employees Gao Weilun, Lin Shufen, and Xie Shiyin, were also urgently arrested for their involvement in serious crimes. The following timeline of the ACE fraud case and advice for victims have been compiled, and the article will be updated with the latest information (in descending order of time).
*Reminder: The involvement of high-level executives and employees of ACE Exchange in the case does not directly affect its operations. The judicial investigation results have not been determined, and innocence should be presumed before a judgment is made.
New Taipei City Criminal Investigation Bureau:
Issued a statement urging victims to cooperate with the prosecutors. If anyone has been a victim of similar fraudulent practices, please follow the procedures below:
At the same time, the New Taipei City Criminal Investigation Bureau advises victims to prepare investment contracts, conversation records, transfer information, etc., and go to the nearest police station to file a report and obtain a certificate of report.
For ACE Exchange users who are concerned about the safety of their assets, it is recommended to consider transferring or withdrawing their assets to reduce risks.
Breaking News: ACE Exchange CEO Wang Chenhuan Arrested! Also the managing partner of Jianye Law Firm, involved in “garbage coin fraud” case, detained and denied visitation.
What should ACE Exchange users do? After the arrest of CEO Wang Chenhuan, the exchange issued a statement saying that they will fully cooperate with the investigation, and deposits and withdrawals are functioning normally.
Breaking News: ACE Exchange CEO Wang Chenhuan swiftly removed from Jianye Law Firm: Managing partner replaced by Jin Yuanying.
Breaking News: ACE Exchange CEO Wang Chenhuan’s home searched, 50 million NTD in cash and nearly 200 million NTD in cryptocurrency found! McLaren 720S supercar confiscated.
Breaking News: ACE Exchange CEO Wang Chenhuan ordered to be detained and denied visitation! Possible application for release on bail.
ACE fraud case continues to unfold: Criminal Investigation Brigade “summons victims” to promptly fill out a form for reporting fraud involving Magic Coin, NFTC, QQQ, etc. (link included).
Financial Supervisory Commission takes action! Sends a letter to ACE Exchange requesting an explanation of the fraud case, not ruling out special project prosecution, with possible penalties of up to three strikes.
Response from Taiwan’s Virtual Currency Association: ACE Exchange temporarily withdraws from VASP preparatory group, individuals involved are not current executives.
Breaking News: ACE Exchange involved in cryptocurrency fraud! Co-founder arrested for profiting from “air coins” for years, estimated illegal gains exceeding 1 billion NTD (Magic Coin).
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ACE Exchange CEO Wang Chenhuan implicated in money laundering, Financial Supervisory Commission’s seminar may “open Pandora’s box,” legal professionals lament the irony!
Breaking News: ACE Exchange CEO Wang Chenhuan’s home searched, 50 million NTD in cash and nearly 200 million NTD in cryptocurrency found! McLaren 720S supercar confiscated.
Breaking News: ACE Exchange CEO Wang Chenhuan Arrested! Also the managing partner of Jianye Law Firm, involved in “garbage coin fraud” case, detained and denied visitation.