The Taipei District Prosecutor’s Office recently announced the investigation of ACE Elite Exchange’s involvement in a virtual currency fraud case with a criminal organization. The leader of the fraud group, Lin Genghong, denied the charges during the court hearing and claimed that renowned Golden Horse Award-winning director Wei Te-sheng had approached him for collaboration. However, Wei Te-sheng clarified in a statement earlier that he had no association with the fraud group.
Background:
ACE Cryptocurrency Fraud Case Update: Master Lin Shufen and her daughter released on bail! Gathered 80 employees to delete messages as evidence tampering, claiming it was for “disaster relief.”
ACE Virtual Currency Fraud Case: Wang Chenhuan pleads guilty and is released on bail of 4 million; Pan Yizhang claims to be only a manager, while Lin Genghong emphasizes his contributions to the cryptocurrency community, both denying any wrongdoing.
The Taipei District Prosecutor’s Office announced the conclusion of the investigation into the ACE Elite Exchange’s involvement in a virtual currency fraud case on the 26th. They have filed charges against 32 individuals, including the leader of the fraud group, Lin Genghong, former and current executives of ACE Elite Exchange, Pan Yizhang, and renowned lawyer Wang Chenhuan. They are facing charges of organized crime, fraud, money laundering, and other crimes. The main suspects are facing more than 20 years of imprisonment.
After the 32 defendants were indicted last week, 14 defendants in custody were transferred to trial. The Taipei District Court held a late-night hearing yesterday. The mastermind, Lin Genghong, and ACE founder Pan Yizhang, among others, denied the charges but had their visitation ban lifted. Lawyer Wang Chenhuan pleaded guilty and was released on bail of 4 million NT dollars. The remaining eight individuals were granted bail ranging from 200,000 to 1 million NT dollars.
Lin Genghong: Collaborated with Wei Te-sheng
During the trial, Lin Genghong not only pleaded not guilty but also claimed that the four virtual currency projects (MOCT, CSO, etc.) he was accused of issuing were innovative applications that were rare in Taiwan. He emphasized his contributions to the Taiwanese cryptocurrency industry and mentioned that director Wei Te-sheng, million-dollar internet celebrities, and Adidas agents had approached him for collaboration. The police also stated that many members were satisfied with his services.
However, Wei Te-sheng issued a statement earlier today through his official Facebook account to clarify that Lin Genghong’s claims were unfounded.
Previously Launched NFTs Received Little Attention
Indeed, Wei Te-sheng did enter the cryptocurrency market when raising funds for his “Taiwan Trilogy” project in 2022. He collaborated with NFTboard, Hou Zhijian, an important judge of the “Three Golden Awards,” Amped AI Music Company, and OSENSE SPACE, a metaverse manufacturing company specializing in perception technology. Together, they launched the NFT series “NaviVerse Mysterious Voyage Tickets.”
The “NaviVerse Mysterious Voyage – Mysterious Voyage Tickets NFT” featured four characters from different races during the Age of Discovery: “Siraya,” “Dutch,” and “Han Chinese.” With changes in facial expressions, clothing, style, accessories, and music, they created 8160 unique tickets. Successful ticket holders could establish their own metaverse cabins.
However, as the NFT trend was already declining, the trading volume of this NFT series did not meet expectations. Initially, it was expected to sell 8,160 tickets at a price of approximately 0.33 ETH per ticket. But in the end, only 660 tickets were sold. According to Opensea data, the total trading volume of this NFT series to date is only one ETH, with a floor price of 0.1 ETH. The last recorded transaction dates back to December 2023.
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Current status of “NaviVerse Mysterious Voyage – Mysterious Voyage Tickets NFT.” Image source: Opensea
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