Taiwan’s leading cryptocurrency exchange, ACE, has become embroiled in a major fraud case. The main suspect, including founder Pan Yizhang, has been arrested. After an in-depth investigation, the police have made a shocking discovery that the current head of the exchange, Wang Chenhuan, is also implicated in the fraud. ACE has issued a statement, vowing to fully cooperate with the judicial authorities in their investigation.
Background:
ACE Exchange involved in a major cryptocurrency fraud case. The founder has been arrested for profiting from selling “air coins” for many years, with estimated illegal gains exceeding 1 billion NTD.
Taiwan’s local ACE cryptocurrency exchange has been implicated in a large-scale fraud case since early January. It has been revealed that they have been using community marketing to promote “garbage coins,” and have been involved in illegal profits of over 1 billion NTD for more than three years. The main suspects in this case, including founder Pan Yizhang, have already been arrested. The fraud case has escalated with the current head of ACE Exchange, Wang Chenhuan, being implicated in the fraud. Prosecutors have instructed the police to conduct searches and arrests of Wang Chenhuan and four other individuals. They are currently in custody and denied visitation.
ACE Exchange Statement: Full Cooperation with Investigation
Before noon today, ACE Exchange also posted a latest statement on their official website, stating that they are fully compliant with the law and will not only fully cooperate with the investigation by the authorities but also assure the safety of users’ funds. Deposits and withdrawals are being processed as usual.
The previous statement from the head of ACE Exchange did not implicate him in the case.
It is recommended that ACE users who are concerned about the safety of their assets consider transferring or withdrawing their funds to reduce risks. Victims of the “garbage coins” fraud are urged to fill out the form provided by the New Taipei City Criminal Investigation Bureau and then report the case to the police station in order to protect their own rights.
Criminal Investigation Bureau requests victims to fill out the form:
https://forms.gle/3yKKFJXhKAcHubGs9
Related Reports:
ACE Fraud Case Continues: Criminal Investigation Bureau Calls on Victims to Fill Out Form for Reporting the Fraud (link included)
Financial Supervisory Commission Takes Action! Sends Letter to ACE Exchange Requesting Explanation of Fraud Allegations and Does Not Rule Out Special Financial Inspection; Maximum Penalty of Three Measures
Response from the Taiwan Virtual Currency Association: ACE Exchange Temporarily Withdraws VASP Preparatory Team, Individuals Involved are Not Current Executives.