Taiwan’s Leading Crypto Exchange ACE Accused of Fraud
The founder and employees of Taiwan’s top crypto exchange, ACE, have been arrested on charges of fraud. The local police conducted raids and arrested ACE founder David Pan and co-conspirator Lin Nan, along with 14 other employees at various locations.
Details of the Fraud Scheme
The allegations state that Pan, Lin, and their team used social media platforms to promote fake offerings related to worthless cryptocurrencies such as MOCT. They created a fear of missing out (FOMO) among investors by promising quick riches. The police seized crypto assets worth at least NT$200 million ($6.4 million).
ACE Responds to Allegations
ACE’s website responded to the allegations, stating that none of its employees were involved in the case. The exchange claimed that its employees are cooperating with the investigation as witnesses. ACE announced the delisting of the MOCT/TWD trading pair.
Hot Take: Taiwanese Crypto Exchange Faces Fraud Charges
Taiwan’s leading crypto exchange, ACE, is under fire as its founder and employees face fraud allegations. The authorities have arrested multiple individuals and seized millions of dollars in crypto assets. The exchange is accused of promoting sham offerings and using fake advertisements to deceive investors. These allegations highlight the risks associated with investing in speculative cryptocurrencies. It is crucial for investors to conduct thorough research and exercise caution when participating in the crypto market. This incident serves as a reminder for regulators to enhance oversight and enforce stricter regulations to protect investors from fraudulent activities in the crypto industry.
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