MOCT token bites back at ACE exchange! Police seize over "100 million NT dollars" in cash from Mr. Lin's residence.

In recent days, Taiwan's virtual currency market has been rocked by a major scandal, as "ACE Elite Exchange" was exposed for allegedly engaging in large-scale fraudulent activities. This event has not only shocked the entire blockchain and cryptocurrency community but also highlighted the legal and ethical risks in the process of virtual currency trading.

According to reports, the New Taipei City Criminal Investigation Brigade raided ACE Elite Exchange, revealing the fraudulent gains of the former executives, Mr. Pan and Mr. Lin. Note: The current head of ACE is Wang Chen-huan, who took office in September 2023 and also serves as the director of Jianye Law Firm.

The former executives of ACE Elite Exchange, including Mr. Pan, are detained pending trial for their involvement in the fraud scheme.

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*As of the deadline, there have been reports from the community that withdrawals are still functioning smoothly.

Police Seize One Billion NT Dollars in Fraudulent Proceeds from Lin

Police discovered over 1 billion NT dollars in cash at Lin's residence, with a total of approximately 2 billion NT dollars of illicit proceeds confiscated. According to the police investigation, in the past three years, Lin defrauded over a hundred investors through false advertisements, leading them to invest in worthless cryptocurrencies.

Social Media Used as Tool for Fraud

Lin was accused of using social media platforms such as Instagram and Facebook to publish investment advertisements, using clever rhetoric to induce investors to purchase MOCT Magic Coin, NFTC, BNAT, and other valueless cryptocurrencies. They claimed that these coins would be listed on well-known domestic and international exchanges, fabricating dreams of quick wealth to boost investors' trust in these cryptocurrencies.

The New Taipei City Criminal Investigation Unit revealed that the suspects misled investors into believing that these cryptocurrencies were the latest technological products with the potential for value appreciation similar to Bitcoin. However, in reality, these so-called investments were nothing more than buying "junk coins" and "air coins," whose value quickly vanished, resulting in heavy losses for investors.

Police Crackdown and Legal Pursuit

Police raided 15 locations in Taipei, New Taipei, Taichung, including the company premises of ACE Exchange, and arrested individuals including Lin, Pan, and 14 others. ACE Exchange stated that none of them were employees of ACE. At Lin's residence, police seized a large amount of cash and cryptocurrencies, totaling over 2 billion NT dollars. Police estimate that the Lin fraud group's fraudulent amount over three years may exceed 1 billion NT dollars. Currently, Lin, Pan, and their associates face multiple charges including fraud under the Criminal Code, the Anti-Money Laundering Act, and the Banking Act.

This incident serves as a reminder to investors to be cautious when investing in the cryptocurrency market and to remain vigilant against overly glamorous investment promises. As the case is further investigated, more details are expected to be revealed, aiming to bring justice to investors.

ACE Exchange Statement

ACE Exchange stated:

Basically, ACE cooperates with investigations as a witness. Some media reports alleging involvement of the company's employees are not true, and corrections have been made to the media. Since taking office as CEO in September 2023, CEO Wang Chen-huan has been committed to the legal and compliant operation of the exchange. Regarding suspected criminal incidents, full cooperation will be provided for investigation, and disputed coins will be delisted according to regulations."

Below is the official statement from ACE:

​1. ACE is committed to prioritizing user asset security, with 100% NT dollar trust and dual protection of encrypted currency

ACE Exchange, established in 2018 and registered in Taiwan, is the first Taiwan exchange guided by KPMG Anhui for compliance with domestic AML regulations. In 2021, it submitted a statement of compliance with the Anti-Money Laundering Act to the FSC, with double insurance of "KGI Bank 100% NT dollar price gold trust custody" and "CYBAVO encrypted currency wallet system" through Nord Insurance Brokers, safeguarding customer encrypted currency asset custody. Since taking over as CEO in September 2023, ACE CEO Wang Chen-huan, who is also the managing partner of Jianye Legal Affairs, is committed to legal compliance and prioritizing user asset security, while adhering to relevant national regulations.

2. ACE will regularly review the development and market trading of the encrypted currency projects listed to provide users with more choices

ACE Exchange will continue to monitor the project development and market trading of all listed cryptocurrencies to provide users with a good trading environment and service quality. ACE Exchange regularly conducts market review processes for all listed cryptocurrencies, and will continue to comprehensively evaluate past application-listed tokens that do not meet the qualifications for delisting, while gradually adding popular tokens to provide users with more choices. Users should be particularly vigilant if the project has private placements and ground promotion team sales that do not operate on the ACE platform (*Risk Warning: The listing of currencies has passed ACE's review, but does not mean there is no investment risk. Cryptocurrency assets are high-risk investments, so investors should choose targets carefully, read white papers and other public explanations, and be aware of investment risks at all times).

3. If there are disputes and violations by project parties, ACE will fully cooperate with investigations and delist to protect users until disputes are clarified

On January 8, 2024 (Monday) at 16:00 (GMT+8), the MOCT/TWD trading pair will be delisted, and all pending orders will be automatically canceled. The delisting will not affect the asset deposit and withdrawal functions. Please be sure to process your assets within the aforementioned period.

In the event of disputes and violations by specific project parties, ACE will fully cooperate with investigations, with no impact on ACE operations. In the future, operations will be conducted more cautiously, aiming to maintain a stable position in Taiwan's market and looking forward to embracing the bull market with users!

ACE Exchange CEO Wang Chen-huan and Team