32 Individuals Charged in Alleged ACE Crypto Exchange Scam
Taiwanese authorities have pressed a new round of charges against David Pan, founder of ACE crypto exchange, and 31 other people connected to the case. ACE and its top executives have been under the spotlight since January for alleged fraud and money laundering. In connection with the investigations, authorities invaded the exchange’s headquarters and other addresses linked to the business, making several arrests in the process. However, in a new update on the matter, a local media report from Taipei Times has confirmed that 32 people related to the ACE case have been indicted. According to the report, the Taipei District Prosecutors’ Office has named Pan, his business partner Lin Keng-hong, and Wang Chen-huan, who served as chairman of the crypto exchange, as the prime suspects. The Indictment of ACE Crypto Exchange Executives Prosecutors claim that the suspects began their illicit business in 2019, advising investors to purchase several tokens. Among the tokens are NFTC tokens, BitNature (BNAT), and ACE’s MoChange (MOCT). Although the suspects wrote whitepapers to legitimize the projects, prosecutors allege that the suspects manipulated the tokens’ prices on the exchange to attract new investors. Pan and Lin also promoted the tokens on several occasions to reel in more victims. Ultimately, ACE exchange promised to become “Asia’s most complete blockchain ecosystem for cryptocurrency trading.” Unfortunately, the tokens soon lost most of their value, leaving investors unable to withdraw their funds. This led to an outcry from the defrauded investors that eventually alerted authorities to the alleged scam situation Upon investigation, authorities found that the suspects made over 2.2 billion New Taiwan dollars from the scheme. That is approximately $67.48 million. Prosecutors Demand 20 Years Prison Sentence Meanwhile, prosecutors have recommended a minimum sentence of 20 years in prison for the primary suspects, including Pan and Lin. They claimed that that would be justifiable given the gravity of their offences after defrauding about 1,200 people through the scam. They recommended a lesser term of 12 years minimum for Wang. For what it’s worth, ACE continues to insist that it has no ties with the suspects. The exchange reassures users that Pan and the other defendants are no longer part of its business. Additionally, ACE claims that it is in full cooperation with the authorities, assuring users that its business operations will remain as usual.
