Media Reports Arrest of ACE Exchange Cryptocurrency Exchange Founder
Taiwanese police have detained David Pan, the founder of the well-known cryptocurrency exchange ACE Exchange, on suspicion of fraud, as reported by Liberty Times.
According to reports, Pan and an accomplice have been spreading deceptive advertising on social networks for the last three years, promoting worthless digital assets, including MOCT tokens. Authorities estimate the damage to exceed 1 billion TWD ($32.3 million).
Law enforcement conducted searches at several locations, including the ACE Exchange office, and confiscated about 200 million TWD ($6.4 million), of which 111.52 million TWD ($3.6 million) was found at the accomplice’s residence.
Besides the main suspects, 13 other people were arrested. A representative of the exchange commented to The Block that the suspects are not employees of ACE and that Pan ceased his activities in the company in 2022.
The exchange is actively cooperating with law enforcement, acting as a witness in the investigation.
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