The ongoing investigation into allegations of fraud and money laundering involving ACE Exchange, a prominent cryptocurrency exchange, has gained a new chapter in Taiwan. Prosecutors in the country asked the Taipei District Court to detain Chenhuan Wang, president of ACE Exchange, suspecting his involvement in illicit activities. This request follows the previous arrest of David Pan, the company’s founder, who faces charges of orchestrating fraudulent schemes.
The Taipei District Procuratorate confirmed that Wang, also a partner at law firm Chien Yeh, was summoned by prosecutors along with four other people. This call came after police operations in several locations in northern Taiwan. After a detailed interrogation, prosecutors filed a formal court action, asking for the detention and restriction of visitation rights of Wang and the other suspects.
The charges center around a three-year collaboration between Pan, a co-conspirator identified as Lin, and others involved in the scheme. They are accused of luring investors into worthless cryptocurrencies like MOCT using misleading advertisements on social media. Now, prosecutors point out that Wang may also be implicated in this case. A decision on his detention is expected soon.
ACE Exchange maintains normal operations despite ongoing investigations
ACE Exchange, in reacting to Pan’s arrest earlier this month, clarified that Pan had stepped aside from the company’s daily operations in 2022, and Wang took over as president in September 2023. Wang previously stated that he had taken steps to delist the controversial coins from the scholarship list after assuming the position. The company also stated that it is cooperating with the investigation.
In response to recent developments, ACE Exchange has issued a statement assuring its users that trading operations and conditions are functioning normally, reaffirming its commitment to the security of users’ assets and the continuity of cryptocurrency and deposit and withdrawal services in new Taiwan dollar.
Chien Yeh law firm, where Wang is a managing partner, stated that the ACE Exchange case is Wang’s “personal investment” and is not related to the firm’s operations.
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