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The cryptocurrency world is full of minefields! Earlier, it was reported that the founder of ACE Crypto Exchange, Pan Yizhang, was involved in the scandal of selling a large number of "junk coins" to commit fraud and listing them on ACE Exchange. This morning, it was revealed that the current president and person in charge of ACE Exchange, Wang Chenhuan, was urgently arrested. The prosecutors have requested that Wang and five other suspects be detained and banned from seeing each other.

What shocked the legal and business circles even more was that Wang Chenhuan is currently the director of the well-known "Jianye Law Firm" in Taiwan. The law firm is located in Taipei 101 and is well-known for providing professional legal services for mainland China and cross-border investment. It has a history of more than 50 years and is known as the top first-tier law firm in Taiwan. According to the previous statement of ACE Exchange, Wang Chenhuan bought most of the shares of other shareholders as a supervisor and became the current president and person in charge of ACE Exchange.

Wang Chenhuan still involved in junkcoin scam

According to the Taipei District Prosecutors Office, after filtering the evidence from the previous garbage coin case, it was found that Wang Chenhuan was suspected of participating in fraud, money laundering and other crimes, and was involved with other current ACE Exchange employees. Yesterday (23), the New Taipei City Criminal Police Department, the Taipei City Investigation Division of the Investigation Bureau, and the Jiaoxi and Su'ao branches in Yilan dispatched multiple teams to search 10 locations from Taipei to Yilan where Wang might be hiding. They successfully arrested Wang Chenhuan, Li Linda who assisted in listing the garbage coin, and ACE Exchange employees Gao Weilun, Lin Shufen, and Xie Shiying.

After an overnight interrogation, the prosecutors requested that the five people be detained and not allowed to see anyone, considering that they might flee, collude with others, or commit crimes again. Previously, Wang Chenhuan, as the head of ACE, declared that he "did not know about and was not involved in the fraud case" and asked employees to fully cooperate with the investigation. However, the prosecutors found out the loopholes and his lies were exposed.

According to a legal professional who spoke to the news site, ACE Exchange founder Pan Yizhang used to work at KPMG, and current president Wang Chenhuan was even the director of a well-known law firm. The two should have been operating in compliance with laws and regulations, but they both fell into cryptocurrency fraud, which surprised legal professionals! There may still be a bomb behind ACE Exchange that has not been defused.

It is understood that Wang's reputation in the legal community is quite polarized. Some people think that he is young and promising and has ideals, which is why he is involved in cryptocurrency affairs; but others think that Wang's tough style and straightforward personality make some predecessors dislike him.

How should ACE Exchange users control risks?

If you are a user of ACE Exchange, you must first know that the Financial Supervisory Commission has previously stated that ACE Exchange is involved in fraud and will handle subsequent matters in accordance with the Anti-Money Laundering Act. The most serious punishment may be to invalidate its legal status statement and initiate a financial inspection of the project. In short, the most serious punishment is to remove it from the list of compliant exchanges.

The cash custody of ACE Exchange is handled by KGI Bank, so users can be assured of the cash reserves they deposit, but the cryptocurrencies deposited in their accounts are held in custody by the exchange.

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