According to the report by the Liberty Times, two individuals, surnamed Pan and Lin, who were former executives of the Taiwanese cryptocurrency exchange “ACE Ace Exchange”, are suspected of crimes including fraud, money laundering, and violations of the banking law. The police have transferred the two men, as well as 14 other individuals related to the case, for legal proceedings.
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Former executive of ACE Ace Exchange suspected of 1 billion fraud case
Illegal assets worth 200 million seized by the prosecutors
Statement from ACE Ace Exchange
According to the police investigation, over the past three years, Lin and Pan deceived more than a hundred investors with fake advertisements, convincing them to invest in worthless virtual currencies such as MOCT, NFTC, and BNAT.
It is reported that Lin used various social media platforms including Instagram, Facebook, and X to widely promote investment advertisements and persuade investors to invest in the cryptocurrencies they launched, such as MOCT, NFTC, and BNAT. He claimed that these coins would be listed on well-known domestic and international exchanges, promising quick wealth. Pan is suspected of providing ACE Exchange, which he was in charge of, as a platform for these “fraudulent coins” to be listed. Based on ACE’s reputation in Taiwan, investors believed in the credibility of these coins.
The police conducted raids in 15 locations including Taipei, New Taipei, and Taichung, arresting Lin, Pan, and 14 employees under their management. At Lin’s residence, they seized 111.52 million Taiwanese dollars in cash, and at the company’s premises, they retrieved virtual currencies worth approximately 108 million Taiwanese dollars. The total amount of illegal gains seized exceeded 200 million Taiwanese dollars.
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Statement from ACE Ace Exchange
[Important Announcement]
Official Statement from ACE Ace Exchange
In response to today’s media reports regarding ACE, it is because certain listed currencies in 2019 were involved in illegal activities. ACE employees have fully cooperated with the investigation as witnesses. Some media reports suggesting the involvement of our company’s employees are not true, and we have already sent letters to the media requesting corrections.
Furthermore, Mr. Pan Yizhang and Ms. Lin Wanyu are no longer members of the ACE Exchange management team. The company’s executive changed to Mr. Wang Chenhuan on December 14, 2023, with 100% ownership. This has been duly registered with the relevant authorities.
ACE remains committed to the legality and compliance of the exchange. For criminal cases, we will fully cooperate with investigations and delist controversial currencies according to regulations. We hope for fair and just treatment for any illegal activities.
ACE Exchange is not affected by disputes or violations related to specific currencies. Our trading and operations are fully operational, ensuring the security of user assets. Deposits and withdrawals of cryptocurrencies and Taiwanese dollars are functioning normally, and users can withdraw funds at any time. If you have any questions or needs, please feel free to contact our official email and social media channels. ACE is dedicated to serving you.
Sincerely,
Wang Chenhuan, CEO of ACE Exchange, and the team
