Taipei District Prosecutors Office recently cracked down on the ACE Premier Exchange’s involvement in a virtual currency fraud case. The leader of the fraud ring, Lin Genghong, denied the charges during the court hearing and claimed that renowned Golden Horse Award director Wei Te-sheng had approached him for cooperation. However, Wei Te-sheng released a statement earlier clarifying that he had no collaboration with the fraud ring.
(Previous Summary:
ACE Cryptocurrency Fraud Case Update: Lianchi Temple’s Master Lin Shufen and her daughter released on bail! They gathered 80 employees to delete messages as evidence tampering, claiming it was a collective “disaster relief and elimination of misfortune” practice.)
(Background Information:
ACE Cryptocurrency Fraud Case: Wang Chenhuan pleads guilty and is released on bail with a deposit of 4 million; Pan Yizhang claims to be only a manager; Lin Genghong emphasizes his contribution to the cryptocurrency circle and denies any wrongdoing.)
The Taipei District Prosecutors Office announced the conclusion of the investigation into the ACE Premier Exchange’s involvement in a virtual currency fraud case on the 26th. The fraud ring leader, Lin Genghong, former and current executives of ACE Premier Exchange, Pan Yizhang, and renowned lawyer Wang Chenhuan, among 32 individuals, were charged with organized crime, fraud, money laundering, and other crimes. The main suspects face a severe sentence of over 20 years in prison.
After the 32 defendants were indicted last week, 14 detained defendants were transferred to the court for trial. The Taipei District Court held a late-night hearing yesterday, during which the mastermind, Lin Genghong, and ACE founder Pan Yizhang, along with three others, denied the charges. They were remanded in custody but allowed to have visitation rights. Lawyer Wang Chenhuan pleaded guilty and was released on bail with a deposit of 4 million NT dollars, while the remaining eight individuals were granted bail ranging from 200,000 to 1 million NT dollars.
Lin Genghong: Collaborated with Wei Te-sheng
During the trial, Lin Genghong not only denied the charges but also claimed that the four virtual currency projects (MOCT, CSO, etc.) he was accused of were rare innovations in Taiwan. He emphasized his contributions to the Taiwanese cryptocurrency industry, stating that director Wei Te-sheng, a millionaire influencer, and an Adidas agent had all approached him for collaboration. He also mentioned that the police had acknowledged the satisfaction of many members with his services.
However, earlier today, Wei Te-sheng issued an official statement on his Facebook page to clarify that Lin Genghong’s claims were not true:
Previously Released NFTs Received Little Attention
Indeed, Wei Te-sheng entered the cryptocurrency market in 2022, during the fundraising for his “Taiwan Trilogy” project. He collaborated with NFTboard, Hou Zhijian, an important judge for the “Three Golds,” AmpAI Music Company, and OSENSE SPACE, a meta-universe creator from Kuanghe Perception Technology, to launch the NFT series “Abundant Adventures in NaviVerse: Mysterious Tickets.”
“NaviVerse: Abundant Adventures – Mysterious Tickets NFT” featured four characters from different ethnic backgrounds in the Age of Discovery: Selaya, Dutch, Han, and various facial expressions, clothing, styles, accessories, and music were used to create 8,160 unique tickets. Holders of these tickets could establish their own meta-universe cabins.
However, as the NFT trend was already declining, the trading volume of this NFT series did not meet expectations. Originally, 8,160 units were expected to be sold at a price of approximately 0.33 ETH per unit. However, only 660 units were eventually sold. According to Opensea data, the total trading volume of this NFT series to date is only 1 ETH, with a floor price of 0.1 ETH. The last recorded transaction dates back to December 2023.
Current status of “Abundant Adventures in NaviVerse: Mysterious Tickets NFT.” Image source: Opensea
Related Reports
ACE Cryptocurrency Fraud Case: How can victims file lawsuits for compensation? When will downstream businesses be prosecuted? Trial progress…
Master of ACE Cryptocurrency Fraud: Lianchi Temple involved in direct selling of “garbage coins” and concealed over a billion in illicit funds.
“ACE Premier Exchange” Virtual Currency Fraud Case: Lin Genghong, Pan Yizhang face over 20 years in prison, with criminal proceeds exceeding 2.2 billion NT dollars.