In early 2024, ACE, one of the three major cryptocurrency exchanges in Taiwan, was shocked to be involved in a garbage coin fraud case. Today, the police launched the third wave of crackdown and arrested 14 people, with a total of approximately 480 million Taiwanese dollars confiscated in the three crackdown actions.
In January of this year, ACE, one of the three major cryptocurrency exchanges in Taiwan, was shocked to be involved in a garbage coin fraud case, with the illegal gains of the criminal group exceeding 1 billion Taiwanese dollars over the past three years, which shocked the industry in Taiwan.
Currently, the co-founder and former chairman of ACE, Pan Yizhang, the current president and responsible person, and also a well-known lawyer, Wang Chenhuan, the mastermind of the fraud group, Lin Genghong, and Lin Ruochiao from the Qianqiao team, and other 7 officials and individuals involved in the case have been detained and prohibited from meeting.
The police launched the third wave of crackdown and arrested 14 people
According to the latest report from the United News Network, the New Taipei City Criminal Investigation Bureau, together with the Investigation Bureau Taipei City Division and the Jiaoxi Police Branch in Yilan County, mobilized 70 police officers to carry out the third wave of search operations in 15 locations in Taipei, New Taipei, Taoyuan, Miaoli, and Yilan.
A male suspect surnamed Chen (36 years old) and 14 other people were brought to the case, and cash amounting to 3 million yuan, account books, mobile phones, and other evidence were seized. The special task force has confiscated a total of approximately 480 million yuan in the three waves of crackdown actions.
In addition, the New Taipei City Criminal Investigation Bureau also stated that they will proceed with price-adjustment auctions through judicial procedures to return the confiscated illegal gains to the victims. The news also reminds readers that any investment opportunity that sounds too good to be true is almost certainly a fraud, so please be cautious.
Procedure for victims to report the case
This fraud case has had a wide impact. If you are also a victim, you can visit the news site for the complete process:
ACE implicated in garbage coin fraud: Victims, please report the case! New Taipei City Criminal Investigation Bureau: Confiscated funds will definitely be returned; solid evidence, only lack of statements (with case reporting tutorial)
Since Pan Yizhang, Wang Chenhuan, Lin Genghong, and other 7 officials and individuals involved in the case have already entered the second period of detention, it can be expected that the prosecutor, in order to avoid the suspects coordinating their testimonies after being released, should prosecute them to the court as soon as possible before the end of the detention period (early May) for subsequent detention in court.
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