Taiwan’s Ace Exchange founder indicted in $10.6 mn fraud case
Taiwanese prosecutors have indicted David Pan, founder of Ace Exchange, a cryptocurrency trading platform, for money laundering and fraud, resulting in losses of 340 million New Taiwan dollars and $10.6 million.
Raids on Ace’s headquarters led to Pan’s arrest in January 2024. Pan was found to be affiliated with the fraudulent cryptocurrency wallet service “Alfred” or “Afu wallet” and a related crypto card, according to the prosecution.
The defrauded customers were defrauded by offering a service based on a classic high-reward promise model through offline over-the-counter exchanges and fake investment groups.
A Taiwanese court ruled that Pan’s property should be seized, with confiscated assets amounting to at least 3.5 million, or $110,000.
Ace Exchange stated that trading and operating conditions are normal, and deposit and withdrawal services run smoothly.
(With inputs from Shikha Singh)
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