Founder of major Taiwanese cryptocurrency exchange ACE arrested on fraud charges
The founder of ACE Exchange, one of Taiwan’s largest cryptocurrency exchanges, was arrested Wednesday on charges of orchestrating fraud, local media outlet Liberty Times reported. Police seized at least NT$200 million ($6.4 million) worth of illegal profits.
ACE founder David Pan has reportedly been arrested along with 13 other suspects on fraud charges. According to the report, Fan and co-conspirator Lin are accused of working together for three years, using false advertisements on social media to lure investors into investing money in worthless cryptocurrencies, including MOCT.
Police raided several locations in Taiwan on Wednesday, including the ACE Exchange office, and seized ₩111.52 million ($3.6 million) in cash from Lin’s home, the report said. According to the report, police also seized over NT$100 million worth of cryptocurrency, bringing the total seized assets to over NT$200 million.
An ACE Exchange spokesperson told The Block that the suspect arrested was not an ACE employee. The spokesperson added that Mr Fan founded the company but will not be involved in its day-to-day operations from 2022. A spokesperson said that Ace Exchange is currently cooperating with the police investigation as a reference.
Following news of alleged fraud involving the founder of ACE Exchange, which listed MOCT in 2019, it plans to delist the MOCT-TWD trading pair on January 8. The spokesperson said many token holders had previously exchanged their tokens for various coupons. Meals or hotel accommodations.
Founded in 2018, ACE is one of the largest cryptocurrency exchanges in Taiwan, along with BitoGroup and MaiCoin. in name Announced on Thursday, ACE explained that the exchange conducts regular market reviews to evaluate the tokens it lists, and that tokens that do not meet its standards will be delisted.
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