Co-conspirator with Fraudsters? Sanlih Group Embroiled in ACE Crypto Exchange 2.2 Billion Scam Scandal

On April 26, 2024, the Taipei District Prosecutors Office indicted 32 individuals in the 'ACE Exchange' cryptocurrency scam, which defrauded over 1,200 victims of 2.2 billion NTD. Soon after, Sanlih Group was exposed to have deep ties with the key money-laundering suspect, Hsieh Shih-ying. Legislators revealed that Hsieh's front company, 'Yi-Zhuan Co.', was registered inside Sanlih's headquarters, with Sanlih's subsidiary 'Creative Intelligence Technology' holding a 40% stake. Furthermore, a former special assistant to Sanlih's General Manager was indicted. ACE Exchange had heavily sponsored Sanlih's reality shows and was given extensive, unverified promotional coverage on Sanlih's news channel, turning the media outlet into a propaganda tool for the fraud syndicate. While Sanlih claimed this was merely a non-core investment by a subsidiary, it drew severe public condemnation for enabling massive financial fraud.