ACE Exchange Accused of Fraud! Former CEO Mr. Pan Arrested, Total Illicit Profits Seized Amounting to 200 Million Yuan

ACE Exchange Accused of Fraud! Former CEO Mr. Pan Arrested, Total Illicit Profits Seized Amounting to 200 Million Yuan

ACE Exchange Accused of Fraud! Former CEO Mr. Pan Arrested, Total Illicit Profits Seized Amounting to 200 Million Yuan

According to the report by the Liberty Times, the Taiwan cryptocurrency exchange “ACE Wangpai Exchange” has been accused of fraud. The New Taipei City Criminal Investigation Brigade has arrested the person in charge, Mr. Pan, and his partner, Mr. Lin.

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ACE Wangpai Exchange is accused of a 1 billion fraud case
Revealing the fraudulent methods of ACE Wangpai Exchange
Seizure of 200 million illegal assets by the prosecutors and police
Statement from ACE Wangpai Fiat Cryptocurrency Exchange

According to the investigation by the police, Lin and Pan have used false advertisements to deceive over a hundred investors into investing in worthless virtual currencies such as MOCT, NFTC, and BNAT. The police stated that over the past three years, the two individuals have deceived over a hundred investors into investing in worthless virtual currencies. Yesterday, Lin, Pan, and their 14 employees were arrested by the police.

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, 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 Brigade pointed out that ACE Exchange used information discrepancies for fraud, claiming that these virtual currencies were the latest technology and hyping their value based on the recent rise of Bitcoin. However, in reality, these virtual currencies are worthless “junk coins” or “air coins”.

The police conducted searches and arrests in 15 locations, including Taipei, New Taipei, and Taichung. Lin, Pan, and their 14 employees were arrested. During the search at Lin’s residence, 115.2 million New Taiwan dollars in cash were seized, and virtual currencies worth approximately 108 million New Taiwan dollars were seized at the company’s premises. The total amount of confiscated illegal proceeds 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 double protection. ACE Wangpai was established in 2018, registered in Taiwan, and is the first Taiwan exchange to comply with domestic AML regulations under the guidance of KPMG Anhou Jianye. In 2021, ACE submitted a statement of compliance with anti-money laundering laws and regulations to the Financial Supervisory Commission. It also has dual insurance, including “KGI Bank’s 100% New Taiwan dollar price gold trust custody” and “CYBAVO cryptocurrency wallet system” through Nord Insurance Brokerage, to protect customer cryptocurrency asset custody. Mr. Wang Chenhuan, who took office as ACE President in September 2023, is also the managing partner of Jianye Law Firm. He is committed to legality, compliance, and the protection of user asset security as the top priority, and strictly abides by relevant laws and regulations of our country.

2. ACE will regularly review the development and market trading of the listed cryptocurrency projects to provide users with more diverse choices. ACE Exchange will continue to monitor the project development and market trading of all listed cryptocurrencies to provide users with a good trading environment and service quality. ACE Exchange regularly conducts market review processes and will continue to conduct comprehensive evaluations of past application-listed tokens. Tokens that do not qualify will be announced for delisting, while popular tokens will be added to provide users with more diverse choices. If the project has private placements and sales teams operating outside the ACE platform, users should pay special attention. (※Risk reminder: The listing and delisting of tokens have passed ACE’s review, but it does not mean there is no investment risk. Cryptocurrency assets are high-risk investments. Investors should choose targets carefully and read the white paper and other public disclosures for detailed information. Please be aware of investment risks at all times.)

3. If there are disputes and violations from project parties, ACE will fully cooperate with investigations and immediately delist to protect users. On January 8, 2024, at 16:00 (GMT+8), ACE will delist the MOCT/TWD trading pair. After delisting, all open orders will be automatically canceled, and it will not affect the deposit and withdrawal functions of the tokens. Please be sure to handle your assets within the mentioned period. In the event of disputes and violations by specific project parties, ACE will fully cooperate with investigations, which have not caused any impact on ACE’s operations. In the future, ACE will operate with caution, strive to maintain its position as one of the top three exchanges in the Taiwan market, and look forward to embracing the bull market together with its users!

President Wang Chenhuan and the ACE team sincerely present this statement.
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