ACE Exchange’s current CEO and principal, Wang Chenhuan, was arrested this morning on suspicion of involvement in a “garbage coin fraud” case. The prosecutor has detained Wang and four other suspects. As Wang Chenhuan is also the managing partner of a well-known domestic law firm, this case has attracted attention from the legal community.
In response to this situation, Zhang Shaoteng, the executive director of the law firm, issued a statement clarifying that Wang Chenhuan’s personal investment in Wangpai Digital Innovation Co., Ltd. has no connection with the law firm. Effective immediately, the position of managing partner will be assumed by another lawyer.
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What should ACE users do? Following the arrest of CEO Wang Chenhuan, the exchange has stated that it will fully cooperate with the investigation and that deposit and withdrawal services are operating normally.
ACE fraud case continues to unfold: Criminal Investigation Unit “summons victims” to fill out a form to report fraud involving Magic Coin, NFTC, QQQ, etc. (link included)