ACE Exchange Under Investigation for $32M Fraud Case
ACE, one of Taiwan’s leading crypto exchanges, is currently under investigation for a major fraud case exceeding NT$1 billion ($32M). The exchange, known as “ACE Exchange,” allegedly engaged in fraudulent activities and is being thoroughly investigated by the New Taipei City Criminal Police Brigade.
Fraudulent Activities and Investigation
The investigation uncovered that ACE Exchange founders, Lin Nan and Pan Nan, collaborated in deceiving over 100 investors through fake advertisements. The suspects utilized social media platforms like Instagram and Facebook to promote worthless cryptocurrencies, taking advantage of information gaps and promising quick wealth.
Massive Raid on ACE Crypto Exchange
Leveraging the rise of Bitcoin (BTC) as an example, Lin Nan allegedly exploited the information gap to defraud investors by claiming that certain crypto assets listed on ACE Exchange had realizable value. Victims were enticed to invest in “junk coins” and “air coins,” which ultimately turned out to be worthless.
The fraudulent scheme involved a well-organized operation, with Pan providing a credible platform to list virtual currencies and enhance their credibility. As a result of the investigation, raids were conducted at 15 locations, including the ACE Exchange headquarters. Fourteen individuals, including Lin Nan, Pan Nan, and their employees, were apprehended during the raids.
Seizure of Assets
The police seized approximately NT$111.52 million ($3.5M) in cash from Lin’s residence and deducted crypto assets equivalent to NT$108 million ($3.47M) from the company’s stronghold. The illegal gains seized amounted to over NT$200 million ($6.4M). Preliminary estimates suggest that the fraud committed by Lin and Pan over three years may exceed $32 million.
Key Figures in ACE Exchange Fraud Case
During police interrogations, both Lin and Pan remained evasive and reluctant to provide further information. All 14 individuals involved, including Lin and Pan, have been transferred to the police on suspicion of fraud under the Criminal Code, the Money Laundering Prevention Act, and the Banking Act. Further legal actions will be pursued against them.
Investigation Continues
The investigation into ACE Exchange, Taiwan’s largest crypto exchange, has revealed a significant fraud case involving over NT$1 billion. As the investigation progresses, more details are expected to emerge, shedding light on the extent of the fraud and its impact on the victims.
Hot Take: ACE Exchange Faces Severe Consequences for Massive Fraud
The recent investigation into ACE Exchange has exposed a major fraud case that has shaken Taiwan’s crypto industry. With over NT$1 billion involved and numerous victims affected, this scandal highlights the importance of thorough due diligence when investing in cryptocurrencies. It serves as a reminder that scammers will exploit information gaps and promise quick wealth to deceive unsuspecting investors. Authorities must continue to crack down on fraudulent activities in the crypto space to protect investors and maintain trust in the industry.
By
By
By
By
