Taiwanese prosecutors have requested the detention of the exchange's president, Chenhuan Wang, in connection with the ongoing fraud investigation regarding the ACE Exchange.
ACE Exchange President Detained Within the Scope of Fraud Investigation
This move comes on the heels of the company's founder, David Pan, being previously detained on fraud charges.
The Taipei District Prosecutor's Office confirmed in a statement that Wang, who is also the head of the Chien Yeh law firm, was detained along with four other suspects. Following this, police raids were carried out in various parts of Northern Taiwan.
After interrogation, prosecutors asked the court to detain Wang and four other suspects and restrict their visitation rights.
Earlier this month, Pan and his accomplice Lin were charged in a three-year fraud scheme. They allegedly used false advertising on social media to persuade investors to invest in worthless cryptocurrencies, including MOCT. Today, prosecutors alleged Wang's involvement in this case.
Following Pan's arrest, ACE Exchange issued a statement explaining that Pan had stopped participating in daily operations since 2022.
Wang took over as president in September 2023. At that time, Wang stated that after joining the exchange, he initiated efforts to remove controversial coins from the list.
*Not investment advice
