Central News Agency Accused of Becoming a Promotional Platform for ACE Scam Legislator Huang Kuochang Raises Strong Doubts on Ministry of Culture Urging Resolution of Media Chaos
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Taiwan Scam Epidemic: Ministry of Culture Also Responsible
Scam Groups Exploit Cryptocurrency for Fraud and Money Laundering
Implicated Companies Linked to Media
Fake Media Companies Act as Tools for Scams
Legislator Huang Kuo-chang Calls for Thorough Investigation to Prevent Recurrence
Scam Group JPEX Previously Utilized Media in Taiwan, Highlighting Media Chaos
The Education and Culture Committee recently held a meeting where Legislator Huang Kuo-chang questioned Minister of Culture Li Yuan regarding the suspected involvement of Central News Agency in promoting scams. Huang pointed out that the evolving methods of scams are concerning, particularly with Taiwan’s Central News Agency being implicated in criminal activities.
Scams are rampant in Taiwan, with constantly evolving tactics, even utilizing unscrupulous media or fake media companies for promotion, resulting in more victims. Of particular note is the widely publicized ACE Exchange scam, where the main suspect illegally raised over 2 billion NTD using non-circulating virtual currencies and established multiple dummy corporations for money laundering.
Prosecutors found that the main suspect, Xie Shiyin (manager of the religious organization “Lianchi Monastery” used for laundering by the scam group), established the dummy company “Yizhuan Co., Ltd.” at 3F, No. 159, Sec. 1, Jiuzong Rd., Neihu Dist., Taipei, in the same building as Sanlih TV. Yizhuan Co., Ltd. holds a 40% stake in “Creative Intelligence Technology Co., Ltd.,” a subsidiary of Sanlih. Both defendants previously held important positions on Sanlih programs and knowingly assisted the scam group despite knowing the virtual currencies they sold had no actual value.
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The scam group also established the fake media company “Minsheng Technology Media” to promote NFT and CHAEBOL platforms, with journalists listed who do not actually exist, while actual contributors are members of the scam. Shockingly, last March, Central News Agency published a report identical to that of a fake media company linked to the scam group, mentioning “Creative Intelligence’s collaboration with NFT platform CHAEBOL, allowing users to pledge NFTs on CHAEBOL platform to avoid liquidity risk and help users maintain value.”
Huang Kuo-chang strongly urged Minister of Culture Li Yuan to thoroughly investigate this matter, emphasizing that Central News Agency must not become an accomplice to fraud. He stated that fraud seriously damages the interests and trust of the people and must be strictly prevented from recurring.
This incident has sparked widespread social concern, with many calling on the government and relevant departments to strengthen supervision to ensure the fairness and truthfulness of media reports and protect public interests.
The 2023 JPEX scam warning issued by Hong Kong regulators, involving billions in NTD, has alarmed the entire cryptocurrency community in Hong Kong. Taiwan’s blockchain media and influencers also participated in promoting JPEX and gained substantial profits. Taiwanese artist Chen Lingjiu is considered one of the accomplices for receiving a hefty endorsement fee from the company, and the Taipei District Prosecutor’s Office will conduct further investigations.
This time, legislators have targeted the Ministry of Culture’s inquiry into media-assisted fraud, which may further influence government regulations on “promotional activities.”
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Taiwan’s Zero Action on JPEX? JPEX Injected Tens of Millions into Taiwan, Endorsers and Sponsored Media Made Huge Profits
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Fear of Aggravated Fraud! Singer Chen Lingjiu Endorsed JPEX Scam, Received 10 Million NTD
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ACE
Blocktempo
JPEX
Central News Agency
Media
Huang Kuo-chang
Further Reading
ACE Involved in Scam Investigation: Senior Scam Group Members and Operations Searched
Scam Group Leader Lin Genghong First Trial Argues “New Startups Are Not Scams”, Seen as Media Arrogance Compared to YA
