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

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.

Material by Liberty Times

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.

Source: Twitter.com

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.

Source: Twitter.com

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.

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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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