Taipei Joint Law Enforcement Unit: Investigates ACE Exchange Lin and others for illegal fundraising scam, seizes funds for public auction.

The Investigation Bureau of the Ministry of Justice announced in a press release that in a large-scale operation, they successfully dismantled a criminal group that used cryptocurrency for fraud, demonstrating the government's determination and capability to combat online crime.

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Task Force Composition and Investigation

The Taipei City Investigation Bureau of the Ministry of Justice and the Taipei District Prosecutors Office in Taiwan collaborated, led by Chief Prosecutor Zeng Yangling and Prosecutor Chen Wenjin, forming a task force along with the New Taipei City Government Police Bureau Criminal Police Brigade. The operation revealed the criminal activities behind ACE Elite Exchange, where the main suspect Lin and others exploited the public's ignorance of investing in cryptocurrencies and their desire for quick wealth to commit fraud.

Revealing the Fraudulent Methods

The group mainly used social media platforms such as Instagram and dating apps to attract victims. They falsely claimed that virtual currencies like MOCT Magic Coin, BNAT Coin, and NFTC Coin were based on blockchain technology and had bright prospects, leading people to believe that investing in these currencies would guarantee profits. However, these currencies are essentially electronic signals generated by low-cost computer programs, with BNAT Coin and NFTC Coin not even listed on any major legitimate exchanges.

Crackdown Operation and Results: Seizing Funds for Auction

In a series of carefully planned actions, the task force mobilized hundreds of personnel, searched 25 locations, and detained 19 individuals. The main suspect Lin and 7 others have been remanded by the court. In this operation, over 180 million NT dollars in cash and virtual currencies worth around 290 million NT dollars were seized. These assets will be confiscated and auctioned following legal procedures.

Future Measures and Investor Warnings

The Investigation Bureau of the Ministry of Justice emphasizes its commitment to continue combating illegal fundraising and fraudulent crimes, aiming to create a healthy and prosperous investment environment. They also caution the public to remain vigilant against investment schemes that claim guaranteed profits and high returns, urging them not to trust the sweet words of criminals. Additionally, the Bureau calls on all investment victims involved in the case to come forward and report, to assist in further investigations.

Through this operation, the legal authorities in Taipei not only demonstrate zero tolerance for financial crimes but also remind the public to be cautious when investing in digital currencies to avoid falling into fraudulent traps.