Exclusive reveal: Exchange ACE has only one employee left? Former employees came forward to break the news: these reasons dragged down the company

ACE, a well-known cryptocurrency exchange in Taiwan, has recently reported financial crises, a wave of employee departures, and even doubts about the operation of its official website. What exactly happened? A former ACE employee stepped forward to reconstruct the inside story of the exchange crash, expose management's problems, and provide an update on the status of user funds.

The company is only the boss? ACE is on the verge of shutting down

According to the former ACE employee, the company may only have one last "employee" left: the boss who owes wages. Since the end of 2024, management has been aware of financial problems, but the boss has been delaying on the grounds that "next week's salary will be paid". The financial crisis continued until February 5, 2025, when funds ran out, employees left, the company went into a shutdown, and even entered the labor coordination process.

Year-end bonus payment controversy: employee decision vs. responsible person swing?

Another former ACE employee conducts labor negotiations alone with the current principal. It was revealed that during the negotiation process, although the person in charge was rotten and had a negative attitude, he still emphasized: "It was the employee's private decision to pay the year-end bonus, which led to the salary not being paid on February 5." According to another former employee, ACE shareholders did once place a fixed amount of money to pay employees. However, the subsequent CEO and the management decision of the human resources department decided to pay the year-end bonus and use up the salary funds that should have been paid to the employees.

ACE was involved in fraud and caused turmoil in the exchange

The roots of this chaos can be traced back to the "Bald and Short" scam. According to former employees, ACE's shareholders are 100% owned by "dwarfs," and the company cannot convene a board of directors to replace shareholders when he is held incommunicado. After his release, the company began looking for new investors and, with the "strong recommendation" of the trust's cooperative bank, selected the current shareholders.

However, after the new shareholder entered the market, although he drew various beautiful visions, he was slow to actually invest, resulting in a rupture in the company's capital chain and eventually dragging down the entire exchange.

The former employee's "bald" and "shorty" may refer to Pan Yichang, the founder involved in the fraud, and Wang Chenhuan, the former CEO of ACE. The new shareholder is Runtong Digital Innovation.

(ACE Ace Exchange finds buyers? Announce the ) of the exchange account name change, registration system or re-appearance

Is the ACE website still available? Functionality may gradually fail

The former employee said that the ACE exchange's website is still functional, but some functions may gradually become problematic due to lack of maintenance. For example:

SMS sending affected: If the company does not renew the SMS service, the verification code cannot be sent, affecting user login and transactions.

Risk control deposit and withdrawal card: If the user account triggers risk control, manual review is required, but no one is currently handling it, which may lead to the inability to withdraw funds normally.

With almost no staff at ACE, these issues will continue to worsen until a new team takes over.

Who is to blame? Banks can't get rid of the relationship?

As for the main reason for ACE's troubles, former employees pointed to "baldness and shortness" as the original bane, but the current shareholders and trust cooperative banks are also to blame. Had the bank not "strongly recommended" the new shareholder at the time, the exchange might not have fallen into the current predicament. However, when ACE's financial crisis broke out, the trust cooperative bank said lightly: "We don't know, the undertaker has left."

Such an attitude raises questions about the role of banks in the whole affair and whether they should take more responsibility.

After changing the name, there is no Taiwan dollar trust? The truth comes to light

ACE changed its name after replacing new shareholders, but this name change caused the exchange to lose its NTD trust services. According to the employees who broke the news, the problem lies in the qualifications of the new shareholders: "to put it bluntly, there is no money, or there is a problem with the source of the money", so it cannot pass the bank's review, resulting in the exchange losing legal currency trading channels, further affecting operations.

Can employees hollow out the company? It's simply impossible!

Regarding the outside world's doubts that employees may "hollow out the company", the former employee solemnly refuted. He said that since the fraud case broke out, the flow of funds within the company has been strictly regulated, and the source and destination of each fund must be explained in detail, and even the banker's director must fully understand it before approving it.

Due to layers of checks, the company almost delayed the payment of salaries, and there was no opportunity for employees to misappropriate funds.

What is the status of client funds? What about debt issues?

Despite ACE's financial woes, the employee emphasized: "The customer's money, the company is not moving." The current problem with the transaction is that liquidity runs out, as new shareholders do not inject capital and the main business (fiat trading) is cut off, resulting in a deterioration of the overall operating environment and the eventual departure of employees.

As for user claims, the worst-case scenario may be "no interest, but the principal is not a big problem". If ACE cannot resume normal operation, users can still apply for rights protection through legal channels.

And fiat currency in ACE? It may have to wait for takeover or liquidation

If the user still has a TWD deposit in ACE, the employee advises patience as there may be a new takeover or eventually the exchange will go out of business. It is reported that the company still communicated with the bank how to handle NTD deposits, but the final details are unclear.

Why the news? "Users have the right to know!"

Finally, the former ACE employee emphasized that he came forward to expose the inside story because "users have the right to know." He believes that since the problems of the ACE exchange have affected countless investors, everyone should be informed of the truth so that the most suitable decision can be made.

At present, the future of the ACE exchange is still uncertain, and it remains to be seen whether new investors will enter the market or eventually go bankrupt. But in any case, the storm has made investors more wary of the exchange's business model.

This article Exclusively revealed: Exchange ACE has only one employee left? Former employees came forward to break the news: these reasons dragged down the company first appeared in chain news ABMedia.