According to the Liberty Times, the Taiwan cryptocurrency exchange “ACE Wangpai Exchange” has been accused of fraud. The Criminal Investigation Division of the New Taipei City Police has apprehended the responsible person, surnamed Pan, and his partner, surnamed Lin.
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ACE Wangpai Exchange implicated in 1 billion fraud case
Revealing the fraudulent methods of ACE Wangpai Exchange
Police confiscate 200 million illicit assets
According to the police investigation, Lin and Pan used false advertisements to deceive over a hundred investors in the past three years into investing in worthless virtual currencies such as MOCT, NFTC, and BNAT. The police state that the two individuals have deceived over a hundred investors in the past three years through false advertisements, and yesterday, Lin, Pan, and 14 employees under their command were arrested.
It is understood that Lin used social media platforms such as Instagram and Facebook to publish investment advertisements, claiming that these virtual currencies would be listed on well-known exchanges domestically and internationally in the future, promising quick wealth. Pan, on the other hand, listed these virtual currencies on the ACE Exchange to increase their credibility.
The New Taipei City Criminal Investigation Division pointed out that ACE Exchange engaged in fraud by exploiting information asymmetry, falsely claiming that these virtual currencies were the latest technology and hyping their realization value based on the recent surge in Bitcoin. However, these virtual currencies are actually worthless “garbage coins” or “air coins”.
The police conducted raids in 15 locations, including Taipei, New Taipei, and Taichung, arresting Lin, Pan, and 14 employees. At Lin’s residence, they confiscated 111.52 million New Taiwan Dollars in cash, and at the company’s premises, they seized virtual currencies worth approximately 108 million New Taiwan Dollars. The total amount of illicit gains confiscated exceeds 200 million New Taiwan Dollars.
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