ACE Exchange Investigated for Alleged Fraud
Taiwan’s ACE Exchange, a major cryptocurrency trading platform, is currently under investigation for suspected fraudulent activities. Local authorities estimate that the fraud amounts to over $32 million.
The exchange has clarified that its employees are not involved in the alleged fraud case.
Founder of ACE Exchange Arrested for Fraud Allegations
The founder of ACE Exchange, David Pan, along with 13 other suspects who are believed to be employees of the company, has been arrested by Taiwanese police. They are accused of promoting worthless cryptocurrencies to investors for a period of three years.
Pan and another individual named Lin Nan allegedly deceived investors by claiming that these tokens would be listed on popular local and foreign crypto exchanges, making them appear legitimate. However, the promoted tokens either lost their value or ceased to exist.
Following multiple raids, the police arrested Pan and the other suspects and seized assets totaling over $6.4 million. The estimated level of fraud committed by Pan and Lin over three years is around $32 million.
ACE Exchange Denies Arrests and Plans Delisting
In response to reports of the fraud case, ACE Exchange released a statement denying that its employees were arrested and clarifying that the issue relates to certain listed cryptocurrencies in 2019 involved in illegal activities.
“ACE is cooperating with the investigation as a witness. Reports stating that our employees were involved are untrue.”
The exchange also announced that it would delist the MOCT/TWD trading pair from its platform on January 8, 2024. ACE regularly reviews its coin listings and removes tokens that do not meet its requirements.
Hot Take: ACE Exchange Faces Investigation for Alleged Fraud
Taiwan’s ACE Exchange is currently facing scrutiny from authorities due to allegations of fraudulent activities. The exchange’s founder, David Pan, and several employees have been arrested for promoting worthless cryptocurrencies to investors. The suspects deceived victims by claiming that these tokens would be listed on reputable exchanges and generate significant returns. However, the promoted tokens either lost value or disappeared entirely.
The police have seized assets amounting to over $6.4 million, and the total estimated fraud by Pan and his accomplices stands at around $32 million. ACE Exchange denies that its employees were involved in the case but acknowledges the issue with certain listed cryptocurrencies in 2019. As a result, the exchange will delist the MOCT/TWD trading pair and continue its market review process for coin listings.
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