Oh my god, I just saw the latest developments in the ACE scam case, and it’s getting more and more outrageous. The court just ruled that Pan Yizhang must post a bail of 20 million NT dollars, Lin Ruoqiao 30 million, and Lin Genghan 8 million, all of them required to wear electronic ankle monitors for surveillance. That’s quite a strong measure.

Looking back at this case, since 2019 they’ve been involved in fraudulently promoting MOCT, CSO, FITC, and NFTC virtual currencies, fabricating investment white papers, selling through ACE Exchange and ProEx, and organizing direct sales teams to push the products aggressively. The most outrageous part is that they even manipulated the coin prices with fake news online, deceiving over 1,500 people, with scam amounts approaching 800 million NT dollars, and money laundering reaching as high as 2.2 billion. The tactics used in the NFTC scam are truly textbook-level criminal methods.

Initially, the prosecution was dissatisfied with the first-instance verdict, believing that the bail amounts were too low and that there was a high risk of fleeing, so they appealed to the High Court. The High Court ultimately agreed to raise the bail and strengthen monitoring measures, requiring the three defendants to check in via their phones regularly every day and prohibiting contact with other defendants or witnesses. Honestly, without strict monitoring, cases like this NFTC scam are quite prone to collusion.

What’s more interesting is that former ACE president Wang Chenhuan had already pleaded guilty long ago. His bail was increased to 8 million NT dollars in May, and he hasn’t appeared since, showing a more cooperative attitude. But Pan Yizhang and the others still deny the charges, and the court finally decided to grant bail, though under very strict conditions. This NFTC scam is truly one of Taiwan’s biggest fraud cases, with so many victims. Hopefully, the judiciary can deliver justice for them.