Alfred Wallet, a cooperative partner of the exchange, implicated in a money laundering scheme involving 30 billion NTD, leading to the arrest of 26 individuals.
The ACE Exchange, a leading cryptocurrency exchange, is suspected of being involved in illegal activities related to the “A+CARD” virtual currency recharge card and the “Alfred Wallet” digital wallet. According to reports by Sanli and United News Network, the Criminal Investigation Bureau of Taichung City revealed that the illegal funds involved in this case exceeded 33 billion New Taiwan Dollars (NTD), and 26 individuals have been arrested since last year.
After uncovering a counterfeit currency fraud group in 2022, Taichung City Criminal Investigation Bureau discovered that the case also involved physical stores that dealt with virtual currencies, and both the “A+CARD” and “Alfred Wallet” were used. These two virtual currency recharge cards and wallets have now been found to be connected to the ACE Exchange, where illegal money laundering activities were conducted under the cover of legal transactions, with a total illegal fund flow of up to 33 billion NTD.
The police have already arrested 26 individuals, with 6 of them, including a man surnamed Xu, being remanded in custody and denied visitation rights. The official website of Alfred Wallet ceased operations immediately after the ACE case in January of this year.
According to the Taichung City Criminal Investigation Bureau, fraudulent investment groups such as “Gold Wealth Academy” and “Stock Wisdom Business School” recommended victims to make appointments to purchase virtual currencies at physical stores under the pretense of having better security. These stores only operated by appointment and could only accept cash for purchasing “A+CARD” virtual currency recharge cards, which could only be stored in the “Alfred Wallet”. However, the police stated that the purpose of these physical stores was to serve as money laundering facilities, allowing the fraud group to successfully obtain and conceal the source and destination of their criminal proceeds through multiple breakpoints in the Alfred Wallet. Analysis revealed that “Alfred Wallet” and “A+CARD” have generated a total of 11 billion USDT coins, equivalent to approximately 33 billion NTD, within 2 years of their launch. The structure of the ACE Exchange is as follows:
– “Alfred Wallet” and “A+CARD” were developed and maintained by ACE Exchange partner companies.
– Subsidiary company Fuhai Digital Innovation Co., Ltd. was responsible for recruiting franchise dealers.
– Illegal funds were further transferred in large quantities through the resources of the ACE Exchange.
The Taichung District Prosecutors’ Office is expected to conclude the investigation into this case today.
ACE
Alfred Wallet
ACE Exchange
Further Reading:
Milestone in Taiwan’s Cryptocurrency Industry as Virtual Currency Commerce Association Officially Approved
Court Certifies Uninterrupted Operation! ACE Exchange’s Application for Temporary Agent Blocked, Calls Out Specific Media: Reserve the Right to Pursue Legal Action for False Accusations
