Founder of Taiwan’s ACE Exchange David Pan Arrested on Fraud Charges Totaling $32.1M
The founder of ACE Exchange, one of Taiwan's largest cryptocurrency exchanges, has been arrested on suspicion of orchestrating a fraudulent scheme involving worthless cryptocurrencies.
David Pan, the founder of ACE, and 14 other individuals were apprehended by authorities on Wednesday. Pan and an accomplice surnamed Lin are accused of collaborating for three years to lure investors into purchasing valueless cryptocurrencies, including MOCT.
Police conducted raids at multiple locations in Taiwan, including the ACE Exchange office, and seized assets worth over $6.4 million, including cash and cryptocurrencies.
On X, the ACE exchange clarified that the arrested individuals are on the “token project side” and not employees of the exchange and that Pan had ceased involvement in daily operations since 2022. The spokesperson said ACE Exchange is cooperating with the police investigation as a witness
The founder of ACE Exchange, one of Taiwan's largest cryptocurrency exchanges, has been arrested on suspicion of orchestrating a fraudulent scheme involving worthless cryptocurrencies.
David Pan, the founder of ACE, and 14 other individuals were apprehended by authorities on Wednesday. Pan and an accomplice surnamed Lin are accused of collaborating for three years to lure investors into purchasing valueless cryptocurrencies, including MOCT.
Police conducted raids at multiple locations in Taiwan, including the ACE Exchange office, and seized assets worth over $6.4 million, including cash and cryptocurrencies.
On X, the ACE exchange clarified that the arrested individuals are on the “token project side” and not employees of the exchange and that Pan had ceased involvement in daily operations since 2022. The spokesperson said ACE Exchange is cooperating with the police investigation as a witness
2 yr. ago
