TechFlow news — Taiwan prosecutors today asked a Taipei court to detain ACE Exchange CEO Wang Chenhuan on suspicion of money laundering and fraud, following the earlier detention this month of company founder Pan Dawei over alleged involvement in orchestrating the fraud.
After interrogation, prosecutors requested the court to detain Wang and four other suspects, while also restricting visitation rights, according to the prosecutor's office.
Earlier this month, Pan and an accomplice surnamed Lin were accused of conspiring for three years to lure investors via fake social media advertisements into investing funds into worthless cryptocurrencies, including MOCT. Prosecutors said today that Wang Chenhuan is also suspected of involvement in the case, with the court expected to rule on his detention later today.
