ACE Exchange Scandal Continues! Current CEO Wang Chenhuan Placed in Custody, Accused of Money Laundering Despite Recent Clarifications.

In a shocking event in the legal and cryptocurrency market in Taiwan, Wang Chen-Huan, the managing partner of the Chien Yeh Law Firm, was detained on suspicion of money laundering and his involvement in a fraud case with the ACE Exchange. This incident not only involves a prominent law firm in Taipei but also has deep connections to the domestic and international cryptocurrency trading markets.

New Taipei City Criminal Investigation Bureau: Victim Reporting Process

Updated on 1/24 at 23:00

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ACE's current head, Wang Chen-Huan, is detained and denied visits: After the detention hearing at the Taipei District Court, NT$49 million was found at Wang Chen-Huan's residence, indicating serious money laundering suspicions. He confessed to having suspicions of aiding the main suspect in the fraud, Lin Geng-Hong, and has been detained and denied visits. The Taipei District Court also believes that Wang Chen-Huan and main suspect Lin Geng-Hong have a co-conspirator relationship and may engage in collusion.

ACE Case: Prominent lawyer involved in cryptocurrency fraud and money laundering, seized millions in cash, main suspect's girlfriend's McLaren supercar

Founder of Chien Yeh Law Firm Involved in Money Laundering Controversy

Chien Yeh Law Firm, a prestigious law firm with a long history located at Taipei 101, saw its director, Wang Chen-Huan, also serving as the head of the cryptocurrency exchange platform ACE Exchange. Recently, he came under investigation by the Taipei District Prosecutors Office on suspicion of aiding money laundering following the involvement of ACE's founder, Pan Yi-Chang, in a fraud controversy. After a night of intensive questioning, Wang Chen-Huan and four other suspects were all detained pending further investigation.

MOCT Coin Backlash Against ACE Exchange! Police Seize Over NT$100 Million in Cash from Lin's Residence

Former head of ACE Exchange detained pending investigation, two suspects surnamed Lin from fraud ring also detained

Identities of Five New Suspects Revealed

There are a total of five defendants in this case, including Wang Chen-Huan, Linda Li who claimed to list MOCT Coin on exchanges like ProEX, an employee of ACE Exchange named Kao Wei-Lun, and Lin Shu-Fen and Hsieh Shi-Ying, friends of Lin Geng-Hong who calls himself the "God of Systems". The actions of these individuals have not only caught the attention of law enforcement but also had a significant impact on the cryptocurrency market.

Reputation Damage to Chien Yeh Law Firm

Established in 1973, Chien Yeh Law Firm has a history of over fifty years and has been highly regarded in Taiwan, especially with its location at Taipei 101. However, ever since Wang Chen-Huan took over as the director in 2022, he has been unexpectedly embroiled in this controversial incident, affecting the firm's reputation.

Statement from Chien Yeh Law Firm: Wang Chen-Huan Steps Down as Director, Unrelated to the Firm

Upon hearing the news, Chien Yeh Law Firm issued a statement:

"Regarding the Taipei District Prosecutors Office's request to detain the current head of Ace Digital Innovation Co., Ltd., and our firm's director, Lawyer Wang Chen-Huan, it was found that Ace Digital Innovation Co., Ltd. is Lawyer Wang Chen-Huan's personal external investment matter and has no connection to our firm. Our firm is currently operating as usual and continues to provide legal services.

Effective immediately, Lawyer Jin Yu-Ying will serve as the new director of our firm. We hereby make this statement."

ACE Exchange Founder Pan Yi-Chang Involved in Cryptocurrency Scam

Pan Yi-Chang, well-known in the cryptocurrency community, has been under investigation due to suspicions of fraud despite his multiple media interviews sharing his experiences. According to reports, Pan Yi-Chang and his team used social media platforms and pyramid schemes to entice investors to purchase cryptocurrencies such as MOCT Coin, NFTC, BNAT, promising that these coins would be listed on well-known exchanges like ProEX. However, when the coin prices plummeted and investors were unable to cash out, many reported the case to the authorities.

Wang Chen-Huan's Defense and Detention

In the fraud case involving ACE Exchange, Wang Chen-Huan initially apologized as the head, claiming that he only took on the role last year and was unaware of the situation. He stated that he had requested employees to cooperate with the investigation. However, as the case unfolded, Wang Chen-Huan himself became embroiled in the money laundering controversy and was ultimately detained.

Wang Chen-Huan Previously Served as Defense Lawyer for Fraud Suspect Lin Geng-Hong

According to the Taipei District Court's Criminal Judgment No. 1092 in the year 2021, Lawyer Wang Chen-Huan was the defense lawyer for the main suspect Lin Ruo-Qiao.

Seven Individuals Detained in MOCT Coin Fraud Case

As of now, seven individuals have been detained in this case, including Pan Yi-Chang, Lin Geng-Hong, and other suspects involved in promoting cryptocurrencies. These individuals are suspected of engaging in illegal activities in the cryptocurrency market, causing far-reaching effects on investors and related industries.

ACE's Response: Zero Tolerance for Wrongdoing, Normal Deposit and Withdrawal Processes

"In response to recent media reports on ACE Exchange and other related investigation matters, our operational team insists on the principle of the rule of law, having zero tolerance for any wrongdoing. We will fully cooperate with judicial authorities to investigate and clarify the truth.

We urge the public to avoid baseless speculation and misinformation until the facts are clear to prevent unnecessary social impact. We reserve all legal rights against any unfounded allegations that may damage the reputation of ACE Exchange and its employees.

ACE Exchange is committed to complying with laws and regulations. For any suspected illegal activities, we will act in accordance with the law, including delisting controversial coins when necessary. We support the strict enforcement of the law to maintain market order and protect the interests of investors.

Rest assured that the trading and operations of ACE Exchange are normal. We guarantee the security of user assets, and all services for depositing and withdrawing cryptocurrencies and New Taiwan Dollars are running smoothly. If you have any questions or need assistance, please feel free to contact us through official channels. ACE is dedicated to serving you."

Taiwan Virtual Currency Exchange Association Faces Challenges

Members of the Taiwan VASP Virtual Asset Service Providers Association's preparatory group, including exchanges like Bitru and ACE Exchange, have successively withdrawn due to scandals. The preparatory group had previously stated that the former head of ACE Exchange was not involved in the group's affairs. They believe that listing suspicious coins highlights the importance of industry standards, and the association is responsible for guiding businesses out of the shadows. Taiwan VASP Association Preparatory Group: Current head of ACE temporarily steps back from preparatory work, members will focus on industry standards such as IEO

News: Taiwan Regulators Begin Inspections on Exchanges

It is reported that exchanges listed on the anti-money laundering watchlist have been undergoing regulatory inspections. This not only aligns with the Financial Supervisory Commission's continuous financial inspections for those who have passed anti-money laundering declarations but also demonstrates Taiwan's regulatory determination to prevent money laundering and fraud activities.

ACE Exchange Involved in Money Laundering Scandal: FSC Imposes Maximum Fine of NT$10 Million