Taiwan’s ACE cryptocurrency exchange, a prominent player in the industry, has been embroiled in a major fraud case. The main suspect, including founder Pan Yizhang, has been arrested. Shockingly, further investigation by the police has revealed that the current head of the exchange, Wang Chenhuan, is also implicated in this fraudulent scheme. ACE exchange has issued a statement, fully cooperating with the judicial authorities in their investigation.
Background:
ACE Exchange Linked to Fraud Case: Victims Urged to Fill Out Form to Report Fraud (Link Attached)
Additional Information:
Bombshell: ACE Exchange Hit by Cryptocurrency Fraud! Founder Profited from Selling “Air Currency” for Years, Illegal Gains Estimated to Exceed 1 Billion NTD (Magic Coin)
In early January, ACE, a local cryptocurrency exchange in Taiwan, was exposed for using social media to promote “garbage coins” in a massive fraud scheme. Over the past three years, they have allegedly made illegal profits exceeding 1 billion NTD.
The main suspects in this case, including founder Pan Yizhang and several other individuals involved, have already been arrested. The fraud case continues to escalate as the current head of ACE Exchange, Wang Chenhuan, has also been implicated. Prosecutors have instructed the police to search and arrest Wang Chenhuan and four other individuals related to the case, who are currently remanded in custody and denied visitation rights.
ACE Exchange Statement: Full Cooperation with Judicial Investigation
Prior to this, ACE Exchange posted the latest statement on its official website, affirming its compliance with all legal and regulatory requirements. They not only promised to fully cooperate with the judicial investigation but also assured users that their funds are secure, with normal deposit and withdrawal procedures.
ACE Exchange CEO Previously Not Implicated
To address concerns about asset security, ACE Exchange suggests that users consider transferring or withdrawing their assets to reduce risks. They also urge victims of the fraud scheme involving “garbage coins” to fill out the form provided by the New Taipei City Criminal Investigation Bureau and report the case to the police, bravely defending their own rights.
Criminal Investigation Bureau: Form for Victims to Fill Out (Link)
https://forms.gle/3yKKFJXhKAcHubGs9
Related Reports
ACE Fraud Case Continues to Unfold: Criminal Investigation Bureau Calls for Victims to Fill Out Form to Report Fraud (Link Attached)
Financial Supervisory Commission Takes Action! Sends Letter to ACE Exchange in Regards to Fraud Allegations, Does Not Rule Out Special Examination, Maximum Penalties of Three Measures
Response from Taiwan Virtual Currency Association: ACE Exchange Temporarily Withdraws VASP Preparatory Group, Individuals Involved Are Not Current Executives