According to the report from the Liberty Times, the Taiwanese cryptocurrency exchange “ACE Ace Exchange” has been accused of involvement in fraud. The Criminal Investigation Brigade of New Taipei City has arrested the person in charge, surnamed Pan, and his partner, surnamed Lin.
Based on police investigations, Lin and Pan have been using false advertisements to deceive over a hundred investors into investing in worthless virtual currencies such as MOCT, NFTC, and BNAT over the past three years. The police stated that the two individuals have been using false advertisements to deceive over a hundred investors into investing in worthless virtual currencies over the past three years. Lin, Pan, and their 14 employees were arrested 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 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 Criminal Investigation Brigade of New Taipei City pointed out that ACE Exchange used information gaps for fraud, claiming that these virtual currencies were the latest technology and hyping the potential value of these currencies based on the recent rise of Bitcoin. However, in reality, these virtual currencies are worthless “junk coins” or “air coins.”
The police conducted raids in 15 locations in Taipei, New Taipei, Taichung, etc., and arrested Lin, Pan, and their 14 employees. At Lin’s residence, cash totaling NT$115.2 million was seized, along with virtual currencies worth approximately NT$108 million confiscated at the company’s premises. The total illegal gains seized exceeded NT$200 million.
[Source: ACE Ace Fiat Cryptocurrency Exchange Statement]
1. ACE is committed to prioritizing the security of user assets, with 100% NT dollar trust and cryptocurrency dual protection. ACE Ace was established in 2018, registered in Taiwan, and is the first Taiwan exchange guided by KPMG Anhou Jianye to comply with domestic AML regulations. In 2021, it submitted a statement of compliance with anti-money laundering regulations to the Financial Supervisory Commission, with dual insurance of “KGI Bank 100% NT dollar price gold trust custody” and “CYBAVO cryptocurrency wallet system” through Nord Insurance Brokers to safeguard customer cryptocurrency asset custody. The newly appointed ACE CEO Wang Chenhuan in September 2023, who is also the head of Jianye Law Firm, is committed to legal compliance and protecting the security of user assets as the top priority, and strictly adheres to relevant national regulations.
2. ACE will regularly review the development and market trading of the listed cryptocurrency projects to provide users with more choices. For all listed cryptocurrencies, ACE will continue to monitor their project development and market trading conditions 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 the tokens that were previously applied for listing, remove tokens that do not qualify, and gradually add popular tokens to provide users with more choices. If the project involves private placements and offline sales teams, users should pay special attention. (※ Risk reminder: The listing and delisting of tokens have passed ACE review, but it does not mean that there is no investment risk. Cryptocurrency assets are high-risk investments, and investors should choose their targets carefully, read white papers and other public explanations, and pay attention to investment risks at all times).
3. If there are project disputes and violations, ACE will fully cooperate with the investigation. Before the dispute is clarified, the project will be immediately delisted to protect users. On January 8, 2024 (Monday) at 16:00 (GMT+8), the MOCT/TWD trading pair will be delisted. After the delisting, all pending orders will be automatically canceled, and the currency deposit and withdrawal functions will not be affected. Please be sure to handle your assets within the aforementioned period. For specific project disputes and violations, ACE will fully cooperate with the investigation without causing any impact on ACE’s operation. In the future, we will operate more cautiously, strive to maintain a stable position in the top three in the Taiwanese market, and look forward to welcoming the bull market with users!
ACE Exchange CEO Wang Chenhuan and team ● Official Customer Service Email:
[email protected]
● Frequently Asked Questions: [link to FAQ page]