ACE, the leading cryptocurrency exchange, is suspected of being involved in illegal activities through its partners’ projects, “A+CARD” and “Alfred Wallet.” The Criminal Investigation Division of Taichung City has revealed that the illegal funds involved have exceeded 33 billion New Taiwan dollars, and 26 individuals have been arrested since last year. According to reports from SET News and United News Network, Taichung City’s Criminal Investigation Division previously uncovered a counterfeit currency fraud group in 2022, which led to the discovery of the involvement of physical cryptocurrency stores using “A+CARD” and “Alfred Wallet.” These two virtual currency prepaid cards and wallets have now been found to be associated with ACE, using legal exchanges as a cover for illegal money laundering, with an illegal flow of funds reaching 33 billion New Taiwan dollars. The police have already arrested 26 individuals, including six individuals, including a person surnamed Xu, who are currently detained and denied visitation rights. Alfred Wallet’s official website ceased operations after the ACE incident in January of this year. Taichung City’s Criminal Investigation Division pointed out that fraudulent investment groups such as “Gold Wealth Academy” and “Stock Zhihu Business School” have used the pretext of “greater security when purchasing in physical stores” to recommend victims to schedule appointments to purchase virtual currencies at physical stores. These stores do not operate regularly and only accept reservations. Only cash can be used to purchase “A+CARD” virtual currency prepaid cards, and they can only be stored in “Alfred Wallet.” However, the police stated that the purpose of these physical stores is to serve as money laundering fronts, allowing the fraudulent groups to successfully obtain proceeds of crime by concealing the source and destination of the funds through multiple breakpoints in Alfred Wallet. Analysis has revealed that “Alfred Wallet” and “A+CARD” have had a circulation of 1.1 billion USDT coins, equivalent to approximately 33 billion New Taiwan dollars, within two years of their release, and their structure with ACE is as follows: “Alfred Wallet” and “A+CARD” are developed and maintained by ACE’s partner companies. Subsidiary Fuhai Digital Innovation Co., Ltd. is responsible for recruiting franchisees. Illegal funds are further transferred in large quantities through ACE’s resources. The Taichung District Prosecutor’s Office is expected to conclude the investigation of this case today. ACE, Alfred Wallet, and A+CARD.
26 People Arrested in Connection with Money Laundering Involving Alfred Wallet, a Partner of the Exchange