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Home»ADOPTION NEWS»ACE Exchange Chairman Michael Wang Arrested
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ACE Exchange Chairman Michael Wang Arrested

By Crypto FlexsJanuary 24, 20242 Mins Read
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ACE Exchange Chairman Michael Wang Arrested
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ACE Exchange Chairman Michael Wang was arrested on fraud and money laundering charges. The arrest, which occurred earlier this month, shocked the industry, especially considering Wang’s notable status as a leader within a major cryptocurrency exchange.

Taiwanese authorities detained Mr. Wang on suspicion of his involvement in a scheme to promote worthless cryptocurrencies, essentially engaging in fraudulent activity known as the ‘junk coin scam’. This development follows the early arrest of ACE Exchange founder David Pan, who was implicated in planning the fraud and enticing investors to invest in worthless cryptocurrencies through social media advertisements.

Law enforcement agencies thoroughly searched Mr. Wang’s residence and found approximately 49 million New Taiwan Dollars worth of cash and approximately 190 million New Taiwan Dollars worth of cryptocurrency. Additionally, a McLaren 720S supercar worth 18 million New Taiwan Dollars was confiscated from his girlfriend’s house. These findings have raised concerns about potential money laundering activity involving Wang and the exchange.

Mr Wang, who denied involvement in the incident, claimed the suspicious funds were borrowed from friends. However, his failure to explain the source of his funds led to his arrest and further investigation by authorities.

This incident raises serious concerns for ACE Exchange users. The financial regulator has warned that the exchange could be removed from the list of compliant exchanges and users are advised to withdraw their tokens and deposits as a precautionary measure. Cash storage on the exchange is managed by KGI Bank to ensure the safety of users’ cash holdings, but storage of cryptocurrency is an issue.

Cryptocurrency markets are often renowned for innovation and growth, but have also been marred by fraud and regulatory scrutiny. The arrests of high-profile individuals like Michael Wang not only highlight the risks associated with the industry, but also highlight the need for greater oversight and consumer protection.

Image source: Shutterstock

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