Taipei Joint Law Enforcement Unit: Investigating Illegal Fundraising by ACE Exchange Lin and his Investment Fraud Group, Seizing Funds for Judicial Auction
The Ministry of Justice Investigation Bureau (MJIB) has issued a press release stating that a large-scale operation has successfully dismantled a criminal group involved in cryptocurrency fraud. This demonstrates the government’s determination and ability to combat cybercrime.
The MJIB Taipei City Investigation Division and the Taipei District Prosecutors Office collaborated with the New Taipei City Police Bureau’s Criminal Police Brigade and other units to form a special task force. This operation exposed the criminal activities behind the ACE Exchange, with Lin and others using the public’s ignorance of investing in cryptocurrencies and their desire for quick wealth to commit fraud.
The group primarily targeted victims through social media platforms such as Instagram and dating apps. They falsely claimed that virtual currencies like MOCT, BNAT, and NFTC were based on blockchain technology and had promising prospects, deceiving people into believing that investing in these currencies would guarantee profits. However, these currencies are essentially electronic signals generated by low-cost computer programs and neither BNAT nor NFTC are listed on any major legitimate exchanges.
The task force mobilized hundreds of personnel in a series of carefully planned operations, searching 25 locations and questioning 19 individuals. Lin and 7 others have been detained by the court. During this operation, over 180 million NTD in cash and approximately 290 million NTD worth of virtual currencies were seized. These assets will be confiscated and auctioned off in accordance with legal procedures.
The MJIB emphasizes its commitment to continue combating illegal fundraising and fraud, striving to create a sound and prosperous investment environment. They also remind the public to remain vigilant against investment schemes that guarantee profits and high returns, and not to trust the sweet words of criminals. Furthermore, the MJIB urges all investment victims involved in the case to come forward and file reports to assist in further investigations.
Through this operation, the legal authorities in Taipei have not only demonstrated a zero-tolerance attitude towards financial crimes but also reminded the public to exercise caution when investing in digital currencies to avoid falling into fraud traps.
