Former head of ACE Exchange, surnamed Pan, arrested for alleged fraud, resulting in seizure of ill-gotten gains totaling 200 million yuan

Former head of ACE Exchange, surnamed Pan, arrested for alleged fraud, resulting in seizure of ill-gotten gains totaling 200 million yuan

Former head of ACE Exchange, surnamed Pan, arrested for alleged fraud, resulting in seizure of ill-gotten gains totaling 200 million yuan

According to the report by the Liberty Times, a former executive of the Taiwanese cryptocurrency exchange “ACE Wangpai Exchange” surnamed Pan and his partner surnamed Lin are suspected of crimes such as fraud, money laundering prevention, and banking law violations. The police have referred Lin, Pan, and 14 other individuals involved in the case to the authorities for prosecution.

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Former ACE Wangpai Exchange Executive Suspected of 1 Billion Fraud Case
2 Billion Illicit Assets Seized by Prosecutors and Police
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 through false advertisements, persuading them to invest in worthless virtual currencies such as MOCT, NFTC, and BNAT.

Reportedly, Lin used various social media platforms, such as Instagram, Facebook, and X, to widely distribute investment advertisements, enticing investors to invest in the cryptocurrencies he launched, such as MOCT, NFTC, and BNAT. He claimed that these currencies would be listed on well-known domestic and international exchanges, promising quick wealth accumulation. Pan is suspected of providing the ACE Exchange, for which he was responsible, as a platform for these “fraudulent currencies” to be listed. Due to ACE’s reputable brand in Taiwan, investors firmly believed in the credibility of these currencies.

The police conducted searches and arrests in 15 locations, including Taipei, New Taipei, and Taichung, apprehending Lin, Pan, and 14 employees under them. At Lin’s residence, they seized NT$115.2 million in cash, and at the company’s premises, they confiscated virtual currencies worth approximately NT$108 million. The total amount of illicit gains seized exceeded NT$200 million.

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Statement from ACE Wangpai Fiat Cryptocurrency Exchange
[Important Announcement] Statement from ACE Wangpai Fiat Cryptocurrency Exchange

Regarding today’s media reports about ACE, it is because a specific listed currency in 2019 was involved in illegal activities. ACE employees have fully cooperated with the investigation as witnesses. Some media reports suggesting the involvement of our employees in the case are not factual, and we have already requested media corrections accordingly.

Furthermore, Mr. Pan Yizhang and Ms. Lin Wanyu are no longer members of the ACE Exchange management team. The company’s directorship was changed to Mr. Wang Chenhuan on December 14, 2023, and he now holds 100% of the shares. This is indicated in the registration by the competent authority.

ACE remains committed to the legality and compliance of the exchange. We will fully cooperate with the investigation into the alleged criminal activities and follow the regulations to delist controversial currencies. We hope that no innocent individuals will be wrongly implicated, and strict sanctions will be imposed for any illegal behavior.

ACE Exchange is not affected by disputes or violations related to specific currencies. Our trading and operations are completely normal, ensuring the security of user assets. Both cryptocurrency deposits and withdrawals, as well as fiat currency transactions, are functioning normally, and users can withdraw at any time. If you have any questions or needs, please feel free to contact our official mailbox and social media. ACE is dedicated to serving you.

President Wang Chenhuan and the ACE Exchange team, respectfully.