- Taiwanese prosecutors are investigating alleged fraud and money laundering at ACE Exchange.
- Chenhuan Wang, the president of ACE Exchange, is asked to be detained amid suspicions of fraudulent activities.
- ACE Exchange issued statements regarding Pan’s arrest, Wang taking over as president, and cooperation with the investigation.
Taiwanese prosecutors have taken a significant step in the ongoing investigation into alleged fraud and money laundering at ACE Exchange. They have requested the Taipei District Court detain Chenhuan Wang, the president of ACE Exchange, amid suspicions of involvement in fraudulent activities. This development follows the earlier detention of David Pan, the founder of the company, who was accused of orchestrating fraudulent schemes.
The Taipei District Prosecutors Office confirmed that Wang, who also serves as a partner in the Chien Yeh law offices, was summoned by prosecutors along with four other individuals after police conducted raids at multiple locations in Northern Taiwan.
Following an extensive interrogation, prosecutors filed a formal request with the court seeking the detention and restriction of visitation rights for Wang and the four other suspects.
The allegations against Pan and a co-conspirator named Lin involve a three-year collaboration aimed at luring investors into worthless cryptocurrencies, including MOCT, through false advertisements on social media. Today, prosecutors asserted that Wang was allegedly involved in the case. The court is expected to make a decision regarding his detention later today.
When news of Pan’s arrest broke earlier this month, ACE Exchange issued a statement clarifying that Pan had ceased his involvement in daily operations in 2022, and Wang had taken over as president in September 2023.
Wang had previously stated that he had made efforts to delist controversial coins after assuming his role at the exchange. ACE Exchange had also stated that it was cooperating with the investigation as a witness.
In response to the recent developments, ACE Exchange issued another statement assuring users that its trading and operational conditions are functioning as normal. The company emphasized its commitment to the security of user assets and the smooth functioning of cryptocurrency and New Taiwan Dollar deposit and withdrawal services.
Chien Yeh Law Offices, where Chenhuan Wang serves as the partner in charge and head of the office, clarified that the ACE case is Wang’s “personal investment affair.”
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