ACE Exchange’s current president and the managing partner of Jianye Law Firm, Wang Chenhuan, has been found by the prosecution to be involved in “scam coins fraud.” He has been arrested and a request for a ban on visits has been made.
(Previous summary:
Bombshell: ACE Exchange involved in cryptocurrency fraud! Founder Pan Yizhang arrested for selling “air coins,” estimated illegal profits exceeding 1 billion NTD (Magic Coin)
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(Background information:
FSC takes action! Letter sent to ACE Exchange to explain alleged fraud, not ruling out a project investigation, with the most severe penalties being three strikes
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A series of landmines are exploding in the cryptocurrency industry! It was previously reported that Pan Yizhang, the founder of ACE Exchange, was involved in the sale of a large number of “scam coins” and the scandal surrounding ACE Exchange. This morning, it was revealed that Wang Chenhuan, the current president and person in charge of ACE Exchange, has been urgently arrested. The prosecution has requested a ban on visits for Wang and four other suspects.
What shocked the legal and business communities even more is that Wang Chenhuan is currently the managing partner of the well-known “Jianye Law Firm” in Taiwan. The law firm is located in Taipei 101 and is renowned for providing professional legal services for investment from Mainland China and international ventures. With a history of over 50 years, it is considered one of the top-tier law firms in Taiwan. According to ACE Exchange’s previous statement, Wang Chenhuan, as a supervisor, bought the majority of shares from other shareholders and became the current president and person in charge of ACE Exchange.
Wang Chenhuan is still involved in the scam coin fraud case
According to the Taipei District Prosecutors Office, after multiple rounds of evidence filtering in the previous scam coin case, Wang Chenhuan was found to be involved in fraud, money laundering, and other crimes, along with other current employees of ACE Exchange. Yesterday (23), multiple teams from the New Taipei City Criminal Investigation Bureau, Taipei City Investigation Division, Jiaoxi, and Suao Branches were dispatched to search 10 possible locations where Wang and the other suspects may have been hiding, from Taipei to Yilan. Wang Chenhuan, Li Linda, who assisted in listing the scam coins, ACE Exchange employees Gao Weilun, Lin Shufen, and Xie Shiyin were successfully arrested.
After overnight interrogations and considering the risk of escape, collusion, and reoffending, the prosecution has decided to detain and ban visits for all five suspects. Wang Chenhuan previously declared as the person in charge of ACE that he was “unaware and not involved in the fraud case” and requested full cooperation from employees in the investigation. However, the prosecution discovered inconsistencies, and the lies were exposed.
Further reading:
ACE fraud case continues to escalate: Criminal Investigation Brigade “invites victims” to complete a form for reporting fraud involving Magic Coin, NFTC, QQQ, etc. (link included)
According to insiders in the legal field and the blockchain industry, ACE Exchange founder Pan Yizhang previously worked at KPMG Anhou Jianye Accounting Firm. The current president, Wang Chenhuan, is even the managing partner of a well-known law firm. Both of them should have followed compliant and legal business paths but unexpectedly got involved in cryptocurrency fraud, which surprised legal professionals. There may still be hidden bombs behind ACE Exchange.
It is understood that Wang’s reputation in the legal field is quite polarized. Some people believe that he is promising and idealistic, which is why he got involved in cryptocurrency affairs. However, some people think that Wang has a strong and direct personality, which some senior colleagues do not appreciate.
Related Report
Response from the Taiwan Virtual Currency Association: ACE Exchange temporarily withdraws the VASP preparatory group, and the individuals involved are not current responsible persons.
ACE fraud case continues to escalate: Criminal Investigation Brigade “invites victims” to complete a form for reporting fraud involving Magic Coin, NFTC, QQQ, etc. (link included)