Legislator Calls for Investigation into SET-ACE Connection

• By Jake Chung / Staff writer, with CNA

KMT Legislator Wang Hung-wei (王鴻薇) has urged prosecutors to investigate the connection between SET Group and ACE Exchange, a crypto trading platform whose founders have been charged with fraud.

In late April, the Taipei District Prosecutors’ Office charged 32 individuals for fraud and money laundering in connection with ACE Exchange, with four main suspects—including founder David Pan (潘奕彰) and associate Lin Keng-hong (林耿宏)—potentially facing over 20 years in prison.

It is alleged that upwards of 1,200 victims have been swindled out of approximately NT$800 million (US$24.63 million) collectively.

Photo: Tien Yu-hua, Taipei Times

Wang highlighted that Hsieh Shih-ying (謝詩瑩), manager of Yi Chuan Holdings Co, is being probed for purported money laundering on behalf of the group, mentioning Hsieh’s close relationship with SET Group and Yi Chuan’s creation with investment from SET Group’s subsidiary Create Intelligence Inc.

Lin Hui-chen (林慧珍), a former deputy general manager in SET’s media division, was appointed as Yi Chuan’s overseer, added Wang.

Yi Chuang’s operations, based on the third floor of SET Group’s building, launched a mere month prior to the SET Metro channel premiering the ACE Exchange-funded Biboverse show, according to Wang’s statements. She insisted that SET Group elucidate its link to the company implicated in the scandal and called for an inquiry into the financing of Biboverse to ascertain whether it involved illicit funds.

Wang also encouraged the National Communications Purple Commission to conduct their own probe.

Lin of Create Intelligence Inc disputed any wrongdoing, stating that association with Yi Chuan ceased post Hsieh’s detainment and that the company has not been involved in cryptocurrency projects or fraud.

Lin iterated that Biboverse was created by a reputable company, but SET discontinued the show following allegations of the producer’s illegal endeavors.

Concurrently, TPP Legislator Huang Kuo-chang (黃國昌) disclosed that two seasoned reporters, surnamed Chiang (姜) and Lee (李), face indictment for pushing investments in the Chaebol platform, associated with NFT sales.

Huang described the SET Group’s establishment of a content farm, Minsheng Technology and Media Co, to generate deceptive news to advocate for Chaebol.

He questioned the integrity of a CNA article from March of the previous year that advertised Chaebol and its NFT offerings, asking for a full investigation into the matter.

In reaction, Culture Minister Li Yuan (李遠) committed to examining the situation further.