Taiwan Prosecutors Target 20-Year Sentences For Ace Exchange Suspects
Prosecutors in Taiwan are recommending 20-year prison sentences for the four main suspects in the fraud and money laundering case related to cryptocurrency trading platform Ace Exchange.
According to a local news report, the Taipei District Prosecutors’ Office indicted 32 people on fraud and money laundering charges, including Ace Exchange founder David Pan, his business partner, Lin Keng-hong, and prominent attorney Wang Chen-huan, who served as chairman of the exchange.
The prosecutors now believe that over 1,200 individuals were scammed, resulting in estimated total losses of 800 million New Taiwan dollars ($24.56 million). This is an increase from the previous estimated losses of 340 million NT$ ($10.6 million).
(With inputs from Shikha Singh)
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