Taiwan’s law enforcement authorities have apprehended David Pan, the founder of ACE Exchange, one of the island’s leading cryptocurrency platforms. The arrest, part of a wider operation involving 13 additional suspects, comes amid allegations of a complex fraud scheme.
Police reports say the group made a big $6.4 million from doing things they shouldn’t, tricking people who invested money with fake claims about certain token projects. But, Ace says that its business is not affected and doesn’t blame any workers in the suspected
ACE Exchange in the Spotlight
The accusations against Pan and his accomplice, known only as Lin, center on their use of deceptive social media advertising to entice investors into pouring funds into dubious cryptocurrencies, including MOCT.
Since Wednesday, multiple raids have occurred across Taiwan, including the ACE Exchange offices. Lin’s residence yielded a staggering NT$111.52 million ($3.6 million) in cash, with additional cryptocurrency seizures pushing the total to over NT$200 million.
However, an ACE Exchange spokesperson has distanced the company from the scandal, asserting that the arrested individuals are not current employees.
They clarified that Pan had ceased being actively involved in the company’s daily operations as of 2022. ACE Exchange is cooperating with the investigation, contributing as a witness.
Significantly, this development has prompted ACE Exchange to announce the upcoming delisting of the MOCT-TWD trading pair, effective January 8th. This decision aligns with the company’s commitment to routinely evaluate and delist tokens failing to meet their stringent criteria.
Founded in 2018, ACE Exchange, alongside BitoGroup and MaiCoin, has been a dominant player in Taiwan’s crypto market. Despite the ongoing investigation, the exchange continues to operate, upholding its regulatory obligations and prioritizing the interests of its users.
Also Read: Top 8 Best Crypto Exchanges For 2024
