ACE, the well-known cryptocurrency exchange in Taiwan, was caught up in a large-scale fraud case involving the promotion of multiple worthless coins (such as MOCT, NFTC, BNAT) for over three years, resulting in illegal profits exceeding NT$1 billion. The police made a significant arrest, apprehending the co-founder and former chairman of ACE, Pan Yizhang, as well as Lin, an accomplice of the fraud group, along with more than ten other members.
On January 24th, Wang Chenhuan, the current CEO of ACE, Linda Li, who assisted in listing the worthless coins, and ACE employees Gao Weilun, Lin Shufen, and Xie Shiyin were also urgently arrested on suspicion of involvement in major fraudulent activities. The following timeline provides readers with an overview of the events surrounding the ACE fraud case and how victims can seek recourse. The timeline will be updated with the latest information (in reverse chronological order).
*Reminder: The involvement of ACE executives and employees in the case does not directly affect the company’s operations. The presumption of innocence should be maintained until judicial investigations are concluded.
New Taipei City Criminal Investigation Bureau issued a statement urging victims to cooperate with the prosecution. If individuals have fallen victim to similar fraudulent schemes, they should follow the following procedures:
1. Prepare investment contracts, conversation records, and transfer information.
2. Report the case to the nearest police station and obtain a report certificate.
For ACE users concerned about the security of their assets, it is recommended to consider transferring or withdrawing their assets to reduce risks.
Related reports:
– ACE CEO Wang Chenhuan arrested, also serving as the director of Jianye Law Firm, implicated in the “worthless coin fraud case,” detained and denied visitation.
– What should ACE users do? After the arrest of CEO Wang Chenhuan, the exchange issued a statement: Full cooperation with the investigation, deposits and withdrawals operating as usual.
– Breaking News: ACE Exchange CEO Wang Chenhuan swiftly removed from Jianye Law Firm, replaced by Jin Yuying.
– Breaking News: ACE CEO Wang Chenhuan’s home searched, 50 million cash and nearly 200 million in cryptocurrencies seized! McLaren 720S supercar also impounded.
– Breaking News: ACE CEO Wang Chenhuan ruled for detention and denied visitation! Might apply for bail.
– ACE fraud case continues: Criminal Investigation Bureau “summons victims” to fill out forms for reporting fraud related to Moquan Coin, NFTC, QQQ, etc. (link provided).
– Financial Supervisory Commission takes action! Sends a letter to ACE Exchange requesting clarification on fraud allegations, does not rule out special financial inspection, and the possibility of severe penalties.
– Response from the Taiwan Virtual Currency Association: ACE Exchange temporarily withdraws from the VASP preparatory group, individuals implicated are not current executives.
– Bombshell: ACE Exchange exposed in cryptocurrency fraud! Co-founder arrested for profiting from “worthless coins” for years, estimated illegal gains exceeding 1 billion NTD (Moquan Coin).
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Related Reports
– ACE CEO Wang Chenhuan implicated in money laundering and detained, concerns arise over the “opening of Pandora’s box” at financial regulatory symposium, legal professionals lament the irony!
– Breaking News: ACE CEO Wang Chenhuan’s home searched, 50 million cash and nearly 200 million in cryptocurrencies seized! McLaren 720S supercar also impounded.
– Bombshell: ACE Exchange CEO Wang Chenhuan arrested, also serving as the director of Jianye Law Firm, implicated in the “worthless coin fraud case,” detained and denied visitation.