The president of ACE Exchange may be detained in Taiwan and deprived of visiting privileges as the investigation into fraud intensifies.
Wang’s encounter with the law follows the recent arrest of Ace Exchange founder David Pan and thirteen others by the Taipei City police on charges of conducting a fraud operation that reportedly generated illicit proceeds of $6.4 million.
The exchange made it clear that the former founder had stopped being active in its day-to-day operations in 2022, after Pan’s imprisonment, which led Wang to take on a leadership position at ACE.
Taiwanese authorities suspect Wang of being involved in criminal activity, despite his claims that he has been working tirelessly to remove contentious currencies off ACE’s list since joining the exchange.
Wang and four others were called for questioning by the Taipei District Prosecutors Office on January 24, after a series of police operations in Northern Taiwan. Following that, the court and the prosecution sought Wang and the other four individuals for their alleged involvement in Pan’s case.
Before this, the prosecution had claimed that Pan and another man who went by the name of Li worked together for three years to deceive people into purchasing MOCT and other “worthless cryptocurrencies” via fraudulent social media ads.
Chien Yeh Law Offices, where the executive was a partner and head of the office, dissociated itself from the matter after word got out that Wang was being interrogated and was probably detained, saying that it was Wang’s “personal investment affair.”
“Regarding the request for detention of Wang Chenhuan, the director of our business and the current head of Ace Digital Innovation Co., Ltd., by the Taipei District Prosecutor’s Office in Taiwan. The inquiry has shown that Ace Digital Innovation Co., Ltd. is only Wang Chenhuan’s personal foreign investment activities and is unrelated to the company,” the legal firm said.
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