Founder of ACE Crypto Exchange and 13 Others Arrested for Alleged Fraud
David Pan, the founder of Taiwanese crypto exchange ACE, and 13 other suspects have been arrested on fraud allegations. Police seized assets worth at least $6.4 million in illegal gains. According to local reports, Pan was arrested on January 4 for alleged fraud. The Taipei City police arrested Pan and the other suspects following raids at several locations, including ACE’s headquarters. Authorities allege that they deceived investors with fraudulent crypto claims.
Update from ACE Exchange
ACE posted an update to X (formerly Twitter), clarifying that the alleged behavior is the work of the token project side and has nothing to do with the operation of the exchange. ACE reassured users that its operations are continuing as normal and asked them to reach out through official channels if they encounter any issues with currency withdrawals.
Cooperating with Authorities and Removing Disputed Assets
In a statement, ACE president Wang Chenhuan and his team stated that ACE is cooperating with the investigation as a witness. They clarified that some currencies listed in 2019 were involved in illegal activities but denied that any ACE employees were involved in the case. Chenhuan committed to fully cooperating with the investigation and pledged to remove the disputed currency from the exchange in accordance with Taiwan regulations.
About ACE Exchange
ACE is one of the major crypto trading platforms in Taiwan, alongside MaiCoin and BitoGroup.
Hot Take: Founder of ACE Crypto Exchange Arrested for Fraud Allegations
The founder of ACE crypto exchange and 13 other suspects have been arrested by the Taipei City police on fraud allegations. This arrest came after raids were conducted at various locations, including ACE’s headquarters, where authorities seized assets worth around $6.4 million. The suspects are accused of deceiving investors with fraudulent crypto claims. ACE has clarified that the alleged behavior is related to the token project side and does not affect the operation of the exchange, which is continuing normally. ACE is cooperating with the authorities and will remove the disputed assets from the exchange as per Taiwan regulations.
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