According to the report by the Liberty Times, the Taiwanese cryptocurrency exchange “ACE Elite Exchange” has been accused of fraud, and the responsible person surnamed Pan and his partner surnamed Lin have been arrested by the New Taipei City Criminal Investigation Division.
ACE Elite Exchange Suspected of 1 Billion Fraud Case
Revealing the Fraudulent Methods of ACE Elite Exchange
Prosecutors and police seize 200 million illegal assets
According to the police investigation, Lin and Pan have used false advertisements in the past three years to deceive over a hundred investors into investing in worthless virtual currencies such as MOCT, NFTC, and BNAT. The police stated that the two individuals have been deceiving over a hundred investors into investing in worthless virtual currencies through false advertisements over the past 3 years. Lin, Pan, and their 14 employees were taken into custody 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 foreign 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 Division pointed out that ACE Exchange used information asymmetry to commit fraud, claiming that these virtual coins were the latest technology and exaggerating their liquidation value based on the recent rise in Bitcoin. However, in reality, these virtual coins are worthless “junk coins” or “air coins.”
The police conducted raids in 15 locations in Taipei, New Taipei, Taichung, and other places, arresting Lin, Pan, and their 14 employees. They seized 115.2 million Taiwanese dollars in cash at Lin’s residence, as well as virtual currencies worth approximately 18 million Taiwanese dollars at the company’s premises. The total amount of illegal gains seized exceeded 200 million Taiwanese dollars.
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