Taiwanese authorities have charged the founder of the Ace exchange with $6,4 million in crypto fraud
Representatives of the platform deny the participation of employees in the case as suspects
05.01.2024 - 10:40
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3 min
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What’s new? Police in Taiwan have arrested David Pan, founder of local crypto exchange Ace Exchange, on suspicion of fraud involving digital assets worth $200 million Taiwanese dollars ($6,4 million). In addition to him, 14 other people were detained as part of the investigation following a series of raids in Taipei. According to media reports, all of the detainees have refused to cooperate with the investigation.
What else is known? In turn, the President of Ace Exchange Wang Chenhuan on the eve stated that the fraud case is related to some tokens traded on the platform since 2019, and will not affect the work of the exchange itself.
One of those assets is MOCT. According to Chenhuan, the exchange will delist the MOCT/TWD trading pair on January 8 and will actively cooperate with the investigation.
However, the president maintained that no staff members are acting as suspects and the exchange is only involved in the investigation as a witness.
Ace, founded in 2018, is one of Taiwan’s leading crypto exchanges, along with MaiCoin and BitoGroup, and is also a member of local industry associations.
Crypto scammers took 4 of 10 positions in the IRS’s ranking of the year’s most high-profile cases
The list of incidents included the hack of the Silk Road darknet marketplace and the collapse of the OneCoin crypto pyramid scheme
In turn, law enforcers allege that Pan and his subordinates used the exchange to promote fraudulent cryptocurrencies with no value. They are also charged with violating the anti-money laundering law. During the raids, police officers confiscated cryptocurrencies worth $3,5 million.
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