“ACE Ace Exchange” investment fraud case concluded, Beijing prosecutors prosecuted 32 people

Social Center/Comprehensive Reporting

The well-known domestic virtual currency trader “ACE Ace Exchange” was suspected of casting low-cost virtual currencies and using false white papers to deceive people into investing, and illegally obtained hundreds of millions of yuan. The prosecutors investigated and concluded that the case was based on money laundering, organized crime and fraud. Thirty-two people were prosecuted for crimes such as defrauding money. Among them, four core members, including the founder of the exchange, Pan Yizhang, and the financier Lin Genghong, were sentenced to 20 years in prison. Wang Chenhuan, the director of Jianye Law Firm, was sentenced to 12 years in prison.

Pan Yi-chang, the founder of Taiwan’s well-known virtual currency trader “ACE Ace Exchange”, was involved in a virtual currency fraud case and was brought back for investigation together with a group of accomplices. What shocked the outside world was that Wang Chenhuan, a well-known lawyer and director of Jiangye Law Firm, He was also involved, and the Taipei District Prosecutor’s Office investigated and prosecuted a total of 32 people. Cai Weiyi, chief prosecutor of Beijing Prosecutor’s Office Xiangyue, said, “The defendant surnamed Lin and other 32 people have filed public prosecutions. Currently, 14 people are in custody. The case will be sent to trial next Monday.”

Pan Yizhang, the founder of the virtual currency trader, talked freely in front of the camera in the past. Prosecutors believed that the relevant virtual currencies he issued were only electronic signals produced by computer programs, which were cheap to cast and had no practical application prospects. He began to divide labor in 2019. , wrote false white papers, ran ace exchanges, listed virtual currencies, set up a direct sales team, and fraudulently purchased virtual currencies. There were as many as 1,200 victims, the amount of fraud reached 800 million, and the criminal proceeds behind it may be as high as 2.2 billion. Cai Weiyi, chief prosecutor of the Beijing Prosecutor’s Office, said: “Written a white paper with false content, listed the virtual currency on an exchange actually controlled by the defendant and others, and then promoted it through a direct sales team, and spread false news and flattery in the online media. Then, they manipulate currency prices through exchanges and other means to deceive unspecified people into purchasing investments.”

Well-known lawyers Wang Chenhuan and Pan Yizhang, as well as funder Lin Genghong, are currently in custody. It is understood that the funder Lin Genghong, who claims to be the god of the system, handed over 43 million yuan of criminal proceeds to lawyer Wang Chenhuan, of which 26 million yuan was used to increase the capital of the exchange, and 17 million is the investment of a Bangkok law firm. As a military advisor, Wang Chenhuan not only revised the white paper, but also arranged for virtual currency to be exchanged for physical goods. He even leaked secrets from the investigation and hid the wanted criminal Lin Genghong. He showed no regrets after committing the crime. They were sentenced to 12 years in prison, and four others, including the financier Lin Genghong and trader Pan Yizhang, were sentenced to 20 years in prison. Cai Weiyi, chief prosecutor of Beijing Prosecutor’s Office Xiangyue, said, “The defendant surnamed Lin instructed his subordinates to move and hide the money obtained through fraud in cash amounts ranging from several million to 10 million yuan each time in batches throughout Shuangbei City, and then moved them around. Misappropriating the money for other purposes, or concealing it in various other ways for the purpose of money laundering.” After the prosecution, the whole case was transferred to the Taipei District Court. Lawyer Wang Chenhuan and trader Pan Yizhang, who are in custody, are expected to convene a transfer court next Monday. It depends on whether the judge continues to detain him.

“FTV News” reminds you: “Everyone should be presumed innocent until proven guilty according to law.”

Original source: “Ace Exchange” virtual currency investment fraud case concluded, Beijing Prosecutor’s Office indicted 32 people

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