Central News Agency implicated in ACE fraud case promotion platform Huang Kuochang urges Ministry of Culture to promptly conduct thorough investigation

Media becomes a platform for promoting cryptocurrency fraud? What’s going on?
“ACE Elite Exchange,” formerly one of the top three cryptocurrency exchanges in the country, saw its founder, Pan Yizhang, and former president, Wang Chenhuan, accused of colluding with a fraud ring earlier this year. The Taipei District Prosecutors’ Office announced the conclusion of the investigation in April, seeking over 20 years’ imprisonment for the main suspects, and over 12 years for the lawyer, Wang Chenhuan, who is suspected of conspiring with the fraud ring.
This case has sparked social concern and once again made the public aware of the seriousness of cryptocurrency fraud.
The Education and Culture Committee held a meeting yesterday (3rd), during which legislator Huang Kuo-chang questioned Minister of Culture Li Yuan-shih about the ACE Elite Exchange fraud case, pointing out that the Central News Agency (CNA) appears to have become part of the criminal chain of the fraud group.
Huang Kuo-chang pointed out that during the investigation, prosecutors found that one of the main suspects, Xie Shiyin (the daughter of the manager of the Lianchi Temple, a money laundering base for the fraud ring), used the proceeds of the crime to establish a company called “Yi Chuan Co., Ltd.” The company’s registered address is in the same building as SET TV, and Yi Chuan Co., Ltd. holds 40% of the shares of “Creation Smart Technology Co., Ltd.,” a subsidiary of SET, causing shock and suspicion in various circles about its role in the entire case.
Huang Kuo-chang also pointed out that senior media personalities Jiang Jianliang and Li Yannan, who are related to the SET Group and were prosecuted by the Taipei District Prosecutors’ Office, deceived victims into thinking that the cryptocurrencies they purchased had trading value, even though they knew they were worthless. They also claimed that they could exchange and pledge loans on the so-called art trading platform “Chaebol,” when in fact, CHAEBOL itself is part of the fraud ring.
In addition, the fraud group also established a fake media company called “Minsheng Technology Media” to promote NFT and the CHAEBOL platform. Although news articles are credited to reporters, they are actually written by members of the fraud ring.
Is the Central News Agency a platform for promoting fraud? The Ministry of Culture promises a thorough investigation
Launched in 2022, Creation Smart Technology is 100% owned by SET, and is considered an “internal start-up.” In March last year, Creation Smart announced a collaboration with SET to issue 3,000 Bay Island Paradise NFTs and held a press conference claiming that holders would have more opportunities to participate in SET’s related entertainment projects, creating Taiwan’s first entertainment pass, which was widely publicized.
At that time, the Central News Agency published a report that mentioned, “Creation Smart Technology is collaborating with the NFT platform CHAEBOL, allowing users to pledge NFTs on the CHAEBOL platform to avoid the risk of liquidity drying up and help users preserve value.”
This statement is identical to the news content issued by the fraudulent media company, leading Huang Kuo-chang to denounce, “How can the Central News Agency publish such news and promote fraud using its name?”
Huang Kuo-chang also pointed out that in the criminal facts prosecuted by the prosecutor, such fake news releases have become part of the fraud and part of the prosecution of the criminal act.
In response, Minister of Culture Li Yuan said that if this matter involves the Central News Agency managed by the Ministry of Culture, the Ministry of Culture will investigate and clarify the facts within a week. Li Yuan also emphasized that the impartiality and truthfulness of media reports are crucial, and the Ministry of Culture will not tolerate any form of media assistance to fraud.
What does the SET Group say?
The SET Group issued a statement yesterday evening (3rd), emphasizing that both the SET Group and “Creation Smart Technology” have no knowledge of and are not involved in the matter.
Regarding the fact that “Yi Chuan Co., Ltd.” is an investment project of “Creation Smart Technology,” “Creation Smart Technology” also stated that “Yi Chuan Co., Ltd.” is only a non-core business investment project of “Creation Smart Technology,” and “Creation Smart Technology” has not only not been involved in the actual operations of “Yi Chuan Co., Ltd.,” but also ended its cooperation at the end of last year.