Prosecutors in Taiwan, China, today asked a Taipei court to detain Wang Chenhuan, president of ACE Exchange, on suspicion of money laundering and fraud.
Prosecutors summoned Wang Chenhuan, who is also the director of Jianye Law Firm, and four other suspects on Tuesday. After questioning, the prosecutor made a request to the court to detain Wang Chenhuan and four other suspects and restrict visitation rights.
ACE Exchange issued an announcement stating: "The trading and operating conditions of ACE Exchange are all normal. We ensure the security of user assets, and the deposit and withdrawal services of all cryptocurrencies and New Taiwan Dollars are operating smoothly." (The Block)
Previously, it was reported that David Pan, the founder of Taiwan exchange ACE, and 13 other suspects were arrested by the police on suspicion of fraud. Police confiscated illegal proceeds worth more than NT$200 million (US$6.4 million). According to the report, Pan and co-conspirators are accused of using false advertisements on social media to lure investors into investing money in worthless cryptocurrencies.