Taiwan experienced a large-scale virtual currency fraud case in January, involving the local exchange ACE and the ProExchange controlled by the fraud group. The New Taipei City Criminal Investigation Bureau stated today that if victims still have mainstream assets in the Proex wallet, it is recommended to transfer them out as soon as possible to their own cold or hot wallets.
Table of Contents:
1. New Taipei City Criminal Investigation Bureau: Transfer ProEx assets as soon as possible
2. What to do if unable to log in to ProEx?
3. Should junk coins be transferred out?
4. Complete process of reporting the case by victims
On January 1st, Taiwan was hit by a large-scale junk coin (MOCT, NFTC, CSO, FIT, etc.) fraud case, involving the former and current responsible persons of the local ACE cryptocurrency exchange and the overseas exchange ProExchange controlled by the fraud group (registered in Malaysia, but operated in Taiwan by promoting junk coins).
Currently, the Taipei District Prosecutors Office announced in late April that the investigation into the case has concluded, and 32 individuals, including the head of the fraud group Lin Genghong, the former and current responsible persons of ACE cryptocurrency exchange, and well-known lawyer Wang Chenhuan, have been prosecuted for organized crime, fraud, and money laundering. Four main suspects are facing more than 20 years of imprisonment.
According to the joint litigation LINE self-rescue group of victims, the personnel in charge of the New Taipei City Criminal Investigation Bureau stated this afternoon (7th) that if victims still have mainstream assets in the Proex wallet, it is recommended to transfer all the assets out to their own cold or hot wallets as soon as possible.
Since the Proex official website is currently inaccessible through browsers, victims should log in through the Android App.
Some victims asked, “If I convert the junk coins to USDT for withdrawal, will it affect the subsequent compensation?”
The New Taipei City Criminal Investigation Bureau responded that victims can decide whether to transfer out the junk coins themselves. The notification this time mainly focuses on mainstream currency assets, and victims can also keep screenshots of the assets in Proex as evidence.
As for whether it will affect the subsequent compensation, it will depend on the court’s determination. However, the transfer of these junk coins will be recorded on the blockchain.
This fraud case has a wide range of implications. If you are also a victim of related tokens, please follow the process below and report to the police station as soon as possible.
First, confirm whether the virtual currency involved in the investment fraud is “NFTC,” “BNAT,” “MOCT,” “SOLA,” “CSO,” “QQQ,” “QAS,” “PT,” “DS,” “BAAS,” “DEC,” “DET,” “FITC,” or “COR.”
If confirmed, please fill out the Google form to describe the case. Form link:
https://forms.gle/3yKKFJXhKAcHubGs9
. To expedite the process, you can first fill out the report form on the 165 platform:
https://165.npa.gov.tw/#/report/call/03
. Then go to the police station to make a statement. If the handling officer is not clear about the situation, ask them to contact the “fraud business handler in the local branch investigating team” or provide the official document number 1134431464.
Online reporting is only for reporting fraud. You still need to go to the police station to complete the formal reporting process.
The police statement will ask about the following nine key points (provided by the New Taipei City Criminal Investigation Bureau):
1. When did the transaction take place?
2. Who was the business representative?
3. How many tokens were purchased?
4. What kind of junk coins were involved?
5. Does the other party have a social media account?
6. Can you identify the other party?
7. How did you transfer the funds to the other party?
8. Can you provide the other party’s bank account?
9. What is your cryptocurrency wallet address? What is the business representative’s wallet address?
PS: You can first check the following public ledgers:
Etherscan:
https://etherscan.io
BSCScan:
https://bscscan.com
Did the business representative promise returns within a certain period of time in oral, telephone, video, or written form? Did they mention the interest or involvement of a famous person or company in a certain token?
For example: “In the future, it will definitely rise like Bitcoin.” The business representative mentioned that a well-known person is interested in a certain token and wants to invest. A certain company group also has investment projects.
Did the business representative provide links to positive online news articles from media outlets such as Minsheng Media, Potato Media, or Chain News regarding the tokens involved in the case?
Note: Many LINE News and Yahoo News sources come from these media outlets. Please click on the link and check the publishing media and reporter in the upper left corner.
Did Ace and ProEx exchanges receive recommendations from the business representative? Have you experienced difficulties in withdrawing or depositing funds from the exchange? Does the withdrawal require system approval? Did they inform you of when the junk coins you invested in would be listed on the exchange but kept delaying it?
Did the business representative mention that the token’s project side has launched certain products, beauty, entertainment experiences, or other redemption mechanisms, but they are unable to be redeemed, or the amount and products differ significantly from the business representative’s claims?
Did the business representative provide and explain the whitepaper of the token you purchased? Is there a discrepancy between the whitepaper and the actual situation?
When the business representative sold you Token A, did they claim that the stock of Token A was insufficient and instead used Token B to replace and resell to you? Did the business representative provide and explain the whitepaper of Token B?
How much financial loss did you suffer in this case? Have you filed criminal complaints against the business representative and the controlling group behind them, including charges of fraud, money laundering, and violation of banking laws (fundraising), and requested civil compensation?
Reminder: Please prepare the following evidence before reporting to the nearby police station (provide as much as possible to avoid the need for additional information later):
– Purchase receipts or contracts
– Records of receiving junk coins on the public ledger with your wallet address
– Records of remittances or withdrawals
– Profile pictures and photos of the business representative on social media platforms, as well as their statements (you don’t need to provide everything, just highlight the key points; if it is an audio recording, please provide a text transcript to assist the processing police officer)
– Other relevant attachments to the case
Please remember to remind the handling police officer to upload the case file information to the “165 Anti-Fraud Platform” and leave a message in the LINE self-rescue group notebook with the name of the police station where the case is reported, the case number, and the 165 case number. Thank you for your cooperation.
Leave the case number in the self-rescue group notebook
Finally, you can join the LINE group “ICO Fraud (MOCT, BNAT, NFTC, CSO, FITC) Joint Litigation Self-Rescue Group” or scan the QR code below to join. In the group, you can see the latest progress and receive consultations from the personnel in charge of the New Taipei City Criminal Investigation Bureau.
Please leave a message in the self-rescue LINE group notebook with the name of the police station where you reported the case, the case number, and the 165 case number.
Perhaps some victims may be worried about the time and effort required for legal action and cannot guarantee a successful lawsuit, so they choose to silently bear this frustration. In response to this, the New Taipei City Criminal Investigation Bureau stated to Dongqū that:
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