According to the report by the Liberty Times, a man surnamed Pan, the former head of the Taiwanese cryptocurrency exchange “ACE Elite Exchange,” and his partner Lin, are suspected of crimes including fraud under the Criminal Code, anti-money laundering laws, and banking laws. The police have transferred Lin, Pan, and 14 other individuals involved in the case for prosecution.
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Former Head of ACE Elite Exchange Suspected of 10 Billion Fraud Case
Prosecutors and Police Seize 200 Million Illegitimate Assets
Statement from ACE Elite Fiat Cryptocurrency Exchange
According to police investigations, Lin and Pan have used false advertisements over the past three years to deceive over a hundred investors into investing in worthless virtual currencies such as MOCT (Magic Token), NFTC, and BNAT.
Reportedly, Lin used multiple social media platforms such as Instagram, Facebook, X, etc., to widely promote investment advertisements, enticing investors to invest in their introduced virtual currencies such as MOCT, NFTC, BNAT, etc., and claiming that these currencies would be listed on well-known exchanges domestically and internationally, leading to rapid 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. Based on ACE’s reputation in Taiwan, investors were led to believe in the credibility of these currencies.
The police conducted raids in 15 locations including Taipei, New Taipei, and Taichung, arresting Lin, Pan, and their 14 employees. Cash amounting to 115.2 million New Taiwan Dollars was seized from Lin’s residence, and virtual currencies worth approximately 180 million New Taiwan Dollars were retrieved from the company’s premises. The total amount of confiscated illegal gains exceeded 200 million New Taiwan Dollars.
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Statement from ACE Elite Fiat Cryptocurrency Exchange
【Important Announcement】
Statement from ACE Elite Fiat Cryptocurrency Exchange
Regarding the recent media reports on ACE, it is due to the fact that certain currencies listed in 2019 have been involved in illegal activities. ACE employees have cooperated fully with the prosecutors as witnesses for the investigation. Some media reports of our employees being involved in the case are untrue, and we have already requested corrections from the media.
Furthermore, Mr. Pan Yizhang and Ms. Lin Wanyu have long been non-members of the ACE exchange operating team. The company’s director was changed to Wang Chenhuan on December 14, 2023, who now holds 100% of the shares, as registered by the competent authority.
ACE continues to devote itself to legal and compliant exchanges. In the event of criminal activities, we will fully cooperate with the investigation and delist disputed currencies in accordance with regulations. We hope for fair and just sanctions against illegal behavior.
ACE Exchange is not affected by disputes or violations related to specific currencies. Trading and operations are completely normal, ensuring the security of user assets. Both cryptocurrency deposits and withdrawals and New Taiwan Dollar transactions are functioning normally, allowing withdrawals at any time. If you have any questions or needs, please feel free to contact our official email and social media. ACE is dedicated to serving you.
Yours sincerely,
Wang Chenhuan, CEO of ACE Exchange, and Team