Taiwan’s law enforcement has recently uncovered and dismantled the largest cryptocurrency fraud scheme in the country’s history. The authorities conducted raids across multiple cities, seizing over NT$1 billion, or $32.2 million USD, of illegal profits.
The fraud scheme was operated by ACE Exchange, one of Taiwan’s largest cryptocurrency exchanges. The exchange used its reputable image to attract investors and promote counterfeit cryptocurrencies. Through deceptive social media advertisements, ACE Exchange misled investors into investing in worthless digital assets.
Investigations revealed that ACE Exchange had manipulated its status over several years to carry out this extensive fraud and profit from unsuspecting traders on its platform.
The individuals behind the scam, David Pan and Lin Nan, utilized social media platforms like Instagram and Facebook to promote fraudulent cryptocurrencies such as MOCT (Magic Coupon Coin), NFTC, and BNAT. They made false promises to investors that these cryptocurrencies would soon be listed on renowned global exchanges, leading to quick financial gains.
Pan and Nan legitimized the scam by providing ACE Exchange with a list of these fake cryptocurrencies. Leveraging its credibility, the exchange knowingly promoted these fraudulent assets and used misleading social media ads to lure investors.
During the raids on Lin’s homes and the ACE Exchange headquarters, authorities confiscated over NT$111.52 million in cash ($3.5 million) and over NT$100 million in cryptocurrency ($3.2 million), representing the illicit profits accumulated over several years. The police estimate that the two individuals might have defrauded over NT$1 billion, or $32.2 million USD, in total over a span of three years.
In addition to David Pan and Lin Nan, 12 other employees are now facing criminal charges for fraud, money laundering, and violations of banking laws.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | David Pan, Lin Nan |
| Companies | ACE Exchange |
| Currencies | Magic, bnat, NFT Combining |
| Securities | None |
