ACE Exchange CEO Wang Chenhuan has been arrested and detained for his alleged involvement in a cryptocurrency fraud case. The New Taipei City Criminal Investigation Bureau has released the latest information regarding the seized assets. A total of 470 million NTD in illicit gains has been confiscated, including over 180 million NTD in cash and over 290 million NTD worth of cryptocurrencies, from Wang Chenhuan’s residence and the co-conspirators’ residence. Additionally, two luxury cars owned by Wang Chenhuan, including a McLaren sports car, have also been seized and may be auctioned off in accordance with the legal process.
Wang Chenhuan, the current president and responsible person of ACE Exchange, has been urgently arrested by the police for his suspected involvement in a cryptocurrency fraud scheme. On the previous day, the police conducted searches at Wang’s residence, where they found over 49 million NTD in cash, as well as at the residences of other group members, where they found 17 million NTD in cash and various cold wallets containing nearly 190 million NTD worth of cryptocurrencies. They also seized a McLaren 720S supercar worth 18 million NTD at his girlfriend’s house.
The prosecution has also seized a McLaren car, which was given as a gift by Wang Chenhuan to his girlfriend, as evidence. The investigation discovered suspicious financial transactions between ACE Exchange and Wang Chenhuan’s personal accounts, indicating potential money laundering activities. Yesterday, with the cooperation of multiple teams from the New Taipei City Criminal Investigation Bureau, the Taipei City Investigation Division, and the Yilan Jiaoxi and Suao Branches, authorities successfully arrested Wang Chenhuan, Li Linda, who assisted in listing the fraudulent coins, and ACE Exchange employees Gao Weilun, Lin Shufen, and Xie Shiyin, bringing them to justice.
During the interrogation, Wang Chenhuan denied any involvement in the case, claiming that the suspicious large sums of money were borrowed from friends. However, due to his inability to provide the source of the funds, he has been detained by the prosecution. In total, approximately 66 million NTD in cash, nearly 200 million NTD worth of cryptocurrencies, and a McLaren 720S sports car worth 18 million NTD were seized in connection with Wang Chenhuan’s case.
Wang Chenhuan previously stated that he fully acquired ACE Exchange. In a video released earlier this year, he announced that he had taken over as the CEO of ACE Exchange with 100% ownership on December 14, 2023.
The news of Wang Chenhuan’s detention has shocked the cryptocurrency and legal industries, and many ACE users are concerned. If readers have assets stored in ACE Exchange, they may consider withdrawing them temporarily to avoid risks. Currently, there have been no user reports of any issues with deposits or withdrawals from ACE Exchange.