Central News Agency Accused as Promotional Platform for ACE Fraud Case Legislator Huang Kuochang Questions Ministry of Culture Urges Resolution of Media Chaos
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Taiwan’s Rampant Fraud, Ministry of Culture Also Responsible
Fraud Groups Use Virtual Currency for Money Laundering
Involved Companies Linked with Media
Fake Media Companies Act as Tools for Fraud
Legislator Huang Kuo-chang Urges Thorough Investigation to Prevent Recurrence
Fraud Group JPEX Previously Used Media Layout 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 suspicion that the Central News Agency had become a platform for promoting fraud groups. Huang pointed out that fraudulent activities continue to evolve, and it is alarming that Taiwan’s Central News Agency has become involved in criminal fraud activities.
Fraudulent activities in Taiwan are rampant and continually evolving, sometimes using unscrupulous media or fake media companies for promotion, causing harm to more people. Of particular concern is the widely publicized ACE Exchange fraud case, where the main suspect illegally raised over 2 billion NTD using non-circulating virtual currencies and established multiple dummy companies for money laundering.
Prosecutors found that the main suspect, Xie Shiyin (administrator of the religious organization “Lianchi Monastery” involved in laundering for the fraud ring), set up a dummy company named “Yi Chuan Co., Ltd.” at 3F, No. 159, Sec. 1, Jiuzong Rd., Neihu District, Taipei City, in the same building as SET TV. Yi Chuan Co., Ltd. holds 40% of the shares of “Create Smart Technology Co., Ltd.” under SET. The two defendants had held important positions on SET programs and knowingly assisted the fraud group despite the virtual currencies they sold having no actual value.
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The fraud group also established a fake media company, “Minsheng Technology Media,” to promote NFT and CHAEBOL platforms. The list of journalists was fictitious, with actual articles written by members of the fraud group. Shockingly, in March last year, the Central News Agency published a report identical to the one issued by the fraud group’s fake media company, mentioning, “Create Smart collaborates with NFT platform CHAEBOL, allowing users to pledge NFT on CHAEBOL platform to avoid liquidity risks and help users preserve value.”
Huang Kuo-chang strongly demanded Minister of Culture Li Yuan to investigate the matter thoroughly and emphasized that the Central News Agency must not become an accomplice to fraud. He stated that fraudulent activities seriously damage the interests and trust of the people and must be strictly prevented from recurring.
This incident has garnered widespread social attention, with many urging the government and relevant departments to enhance supervision to ensure the fairness and truthfulness of media reports, thereby protecting public interests.
The 2023 JPEX fraud case warned by Hong Kong regulators shocked the entire cryptocurrency community in Hong Kong, involving amounts reaching billions of NTD. Taiwan’s blockchain media and influencers were also involved in promoting JPEX and reaped substantial profits. Taiwanese artist Chen Lingjiu, receiving a high endorsement fee from the company, is considered one of the accomplices, and the Northern District Prosecutor’s Office will conduct further investigations into him.
This time, legislators focused on questioning the Ministry of Culture regarding media assistance in fraud, which could further influence government regulation of “promotional activities.”
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Taiwan takes no action against JPEX? JPEX spends tens of millions in Taiwan, spokespersons and sponsored media earn profits
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Fear of aggravated fraud! Singer Chen Lingjiu endorses JPEX fraud case, receives 10 million NTD
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ACE
Blocktempo
JPEX
Central News Agency
Media
Huang Kuo-chang
Further Reading
ACE Involved in Fraud Investigation Continues: Fraud Group Executives and Operations Searched
Fraud Ring Leader Lin Genghong’s First Court Hearing Claims “New Startups Not Fraudulent”, Sees Media Arrogance Over YA
