ACE Case | Prosecutors initiate the third wave of search operations, with 6 individuals released on bail and 8 individuals transferred for further review by the Northern District Prosecutor's Office

The fraud case involving the former CEO of the ACE cryptocurrency exchange and related to the Magic Coin has been ongoing since the beginning of the year. Following the previous extension of detention for 7 individuals including ACE cryptocurrency exchange founder Pan Yizhang, fraud ring leader Lin Genghong, members Lin Ruochiao, Lin Genghan, Lin Jingzhi, Zhang Erjie, and Lin Wanyu, the prosecution has launched a third wave of actions.

Image Source: Apple Daily News

Continue to monitor! Northern District Prosecutors Office applies for extension of detention for fraud group Lin and individuals involved in the ACE cryptocurrency exchange case

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Since the first wave of searches by the prosecutors on January 3rd, this case has seized cash of 115.2 million NT dollars and 18 million NT dollars worth of virtual currencies.

MOCT Coin Strikes Back at ACE Exchange! Police confiscated over 100 million NT dollars in cash from Lin's home

On January 23, the Criminal Investigation Bureau of New Taipei City, the Taipei City Investigation Bureau, and the Jiaoxi and Su'ao branches of Yilan County searched 10 locations, detained Wang Chen-huan, the current responsible person of ACE Exchange, and five others who were responsible for listing MOCT Coin on exchanges like ProEX and related business.

The scammer Lin Genghong and the model lawyer Wang Chen-huan are the masterminds of the air coin scam, and Pan Yizhang is the responsible person for the front.

According to a report by Central News Agency, the Northern Prosecutors' Office launched the third wave of searches on March 7, directing the New Taipei City Criminal Investigation Bureau and the Taipei City Investigation Bureau to search 16 locations and bring in 14 members of the virtual currency marketing team.

The prosecutor has ordered 6 people to pay 1 million NT dollars for bail, while 8 defendants with the surnames Hsu, Lai, Sun, Tsai, and 2 Wangs have been successively transferred to the Northern Prosecutors' Office for further questioning.

These 8 individuals, including the marketing team leader surnamed Chen, a former media person who served as the general manager of a certain retail company, and a well-known payment industry executive surnamed Jiang, will be investigated for fraud and money laundering.

The Ace Exchange issued a statement on 1/24 as follows: