Taiwan Police Seize Ace Exchange Founder in $6.4M Cryptocurrency Fraud Case
Summary:
Taiwanese authorities have arrested David Pan, founder of Ace Exchange, in a case involving cryptocurrency fraud. Pan and 14 others were detained after police raids at several locations, including Ace's headquarters, with allegations of them making around 200 million Taiwanese dollars ($6.4m) through fraudulent crypto claims. Ace stated any illicit actions were confined to the "token project side" and didn't influence its operations. The company is willing to cooperate with any further investigations. Taiwanese police have reportedly seized about $3.5 million in cryptocurrency.
David Pan, the mastermind behind Ace Exchange, has been taken into police custody within Taiwan, having been embroiled in accusations of cryptocurrency fraud. A news piece from the Liberty Times on 4th January disclosed that multiple locations including the Ace's headquarters were raided by the Taipei City police, resulting in the detention of Pan along with 14 others. It has been suggested by authorities that their fraudulent activities with counterfeit crypto assertions made them approximately 200 million Taiwanese dollars or $6.4 million. On 4th January, Ace publicly declared via X (previously known as Twitter), that any illicit actions had been instigated by the "token project side" and had no bearing on the operational aspect of the exchange. The claim of Ace's president, Wang Chenhuan, is that they hope to exclude the MOCT/TWD trading pair by 8th January, as MOCT was one of the tokens involved in the fraudulent allegations. Ace has pledged to be completely compliant throughout any probe. According to Wang, "A few currencies listed in 2019 have been linked with illegal activities. Essentially, ACE will act as a witness in the ongoing investigation. Media reports claiming involvement of our staff members in the case are patently false." Taiwanese police have reportedly seized around $3.5 million in cryptocurrency from the misappropriated funds. Pan, together with the other persons detained, have allegedly declined to comply and are presently under detention on suspicion of fraud. Alongside MaiCoin and BitoGroup, Ace is a prominent crypto trading platform in Taiwan since its establishment in 2018, and is affiliated with industry associations amidst evolving regulatory dynamics within the nation.
Published At
1/4/2024 10:36:39 PM
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