According to the report by the Liberty Times, the Taiwanese cryptocurrency exchange “ACE Wangpai Exchange” has been accused of fraud. The Criminal Investigation Division of the New Taipei City Police has arrested the responsible person surnamed Pan and his partner surnamed Lin.
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ACE Wangpai Exchange implicated in a 1 billion fraud case
Revealing the fraudulent methods of ACE Wangpai Exchange
Seizure of 200 million illicit assets by law enforcement
Statement from ACE Wangpai Fiat Cryptocurrency Exchange
According to the police investigation, Lin and Pan have deceived over a hundred investors in the past three years by using false advertisements to promote worthless virtual currencies such as MOCT, NFTC, and BNAT. The police stated that the two individuals have defrauded over a hundred investors in the past three years through false advertisements. Lin, Pan, and their 14 employees were apprehended by the police yesterday.
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 domestic and international exchanges in the future and promising quick wealth. Pan, on the other hand, was responsible for listing these virtual currencies on the ACE Exchange to increase their credibility.
The New Taipei City Criminal Investigation Division pointed out that ACE Exchange used information disparities to carry out fraud, claiming that these virtual coins were the latest technology and hyping their profitability based on the recent rise of Bitcoin. However, in reality, these virtual coins are worthless “junk coins” or “air coins.”
Law enforcement conducted raids in 15 locations including Taipei, New Taipei, and Taichung, resulting in the arrests of Lin, Pan, and their 14 employees. 115.2 million New Taiwan dollars in cash were seized at Lin’s residence, along with virtual currencies worth approximately 108 million New Taiwan dollars at the company’s premises. The total amount of illicit gains confiscated exceeds 200 million New Taiwan dollars.
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Statement from ACE Wangpai Fiat Cryptocurrency Exchange
1. ACE is committed to prioritizing the security of user assets with 100% New Taiwan dollar trust and cryptocurrency dual protection. ACE Wangpai was established in 2018 and is registered in Taiwan. It is the first Taiwanese exchange to comply with domestic AML regulations under the guidance of KPMG. In 2021, ACE submitted a declaration of compliance with the anti-money laundering regulations to the Financial Supervisory Commission. ACE also has dual insurance protection through “KGI Bank’s 100% New Taiwan dollar trust” and “CYBAVO cryptocurrency wallet system” provided by NORD Insurance Brokerage to safeguard customer cryptocurrency asset custody. Wang Chen-Huan, the newly appointed CEO of ACE in September 2023, is also the managing partner of Jianye Law Firm and is dedicated to legal compliance and protecting user asset security as the top priority, adhering to relevant laws and regulations in our country.
2. ACE regularly reviews the development of listed cryptocurrency projects and market trading conditions to provide users with more diverse choices. ACE Exchange will continue to monitor the project development and market trading conditions of all listed cryptocurrencies to provide users with a good trading environment and service quality. ACE Exchange regularly carries out market review processes and conducts comprehensive evaluations of past applications for listing currencies. Tokens that do not meet the qualifications will be delisted, while popular tokens will be added to provide users with more diverse choices. If the project has private placement and sales teams operating outside the ACE platform, users should pay special attention. (※Risk warning: The listing of tokens has passed ACE’s review, but it does not mean there are no investment risks. Cryptocurrency assets are high-risk investments, so investors should choose targets carefully and read the white paper and other public explanations carefully, and should always be aware of investment risks.)
3. If there are disputes and violations involving project parties, ACE will fully cooperate with investigations and immediately delist to protect users. On January 8, 2024 (Monday) at 16:00 (GMT+8), the MOCT/TWD trading pair will be delisted. After delisting, all open orders will be automatically cancelled, and subsequent asset deposits and withdrawals will not be affected. In the event of disputes and violations involving specific project parties, ACE will fully cooperate with investigations and it has not had any impact on ACE’s operations. In the future, ACE will operate with greater caution and strive to remain one of the top three players in the Taiwanese market, looking forward to embracing the bull market together with its users!
ACE Exchange President Wang Chen-Huan and the team respectfully submit ● Official customer service email:
[email protected] ● Frequently Asked Questions: https://helpcent…
