Taiwanese authorities have taken action against Wang Chenhuan Wang, the president of ACE Exchange, a crypto investment company, by requesting a change in the preventive measures imposed on him. Wang was apprehended on suspicion of money laundering and fraud, and was called in for questioning after police conducted raids and arrests across multiple locations in northern Taiwan.
Following the initial interrogation, investigative authorities determined that Wang Chenhuan was involved in illicit activities. The prosecutor’s office has requested the local court to approve the detainment of Wang and impose restrictions on visitations. The Taipei court is expected to review the prosecutor’s petition by the end of the week.
In early January, David Pan, the founder of ACE Exchange, along with five other prominent company officials, were also detained. All of them face charges of fraud and are accused of using misleading advertising to lure investors into investing in worthless digital assets such as MOCT.