ACE Exchange, a leading crypto trading platform in Taiwan, is currently under investigation for alleged fraudulent activities. The local authorities estimate the fraud to be worth over $32 million. The company, however, has clarified that its employees are not implicated in the alleged fraud case.
The founder of ACE Exchange, David Pan, and 13 other suspects, believed to be employees of the firm, have been arrested by Taiwanese police. The arrests were made on the grounds of promoting worthless cryptocurrencies to investors for a period of three years. Pan and Lin Nan, who are considered the masterminds behind the operation, reportedly convinced investors through various social media platforms that these tokens would be listed on popular local and foreign crypto exchanges, thereby making them seem credible.
The suspects allegedly deceived victims into believing that the purchased cryptocurrencies would yield huge returns. However, the promoted tokens either drastically dropped in value or were no longer in circulation. Following multiple raids, the police were able to arrest Pan and the 13 suspects and seized NT$ 111.52 million ($3.6 million) from Lin’s residence. Crypto assets worth NT$ 108 million ($3.4 million) were also confiscated, bringing the total value of asset seizures to over NT$200 million ($6.4 million). The police believe that the level of fraud by Pan and Lin over three years is estimated at NT$ 1 billion ($32 million).
In response to the news of the fraud case, ACE Exchange issued a statement denying that its employees were arrested by the police. The company stated that the issue is related to some cryptocurrencies listed in 2019 that were involved in illegal activities. ACE Exchange is cooperating with the investigation as a witness and has sent a letter to the media to correct the misinformation about its employees’ involvement in the case.
The company also announced that it would delist the MOCT/TWD trading pair from its platform on Jan. 8, 2024. ACE Exchange conducts a regular market review process for coin listings and will delist tokens that do not meet the requirements. Founded in 2018, ACE Exchange is one of Taiwan’s three biggest crypto platforms.
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 | Liberty Times, Binance Futures, ACE Exchange |
| Currencies | moct, taiwanese dollar |
| Securities | None |
