The Founder of ACE Exchange Arrested for Alleged Fraud
The founder of ACE Exchange, one of Taiwan’s largest crypto exchanges, was arrested on suspicion of orchestrating fraud. The police seized assets worth at least NT$200 million ($6.4 million) in illegal gains.
Accusations of Fraud and Seizure of Assets
David Pan, the founder of ACE, was arrested along with 13 other suspects for alleged fraud. Pan and a co-conspirator are accused of using false advertisements on social media to deceive investors into investing in worthless cryptocurrencies. During the raid, the police seized cash and cryptocurrencies worth over NT$200 million.
ACE Exchange’s Response and Delisting MOCT
An ACE Exchange spokesperson clarified that the arrested suspects are not employees of ACE. The company is cooperating with the police investigation as a witness. In response to the fraud allegations, ACE Exchange plans to delist the MOCT-TWD trading pair. Token holders have already redeemed their tokens for various coupons.
About ACE Exchange
Established in 2018, ACE is one of Taiwan’s prominent crypto exchanges alongside BitoGroup and MaiCoin. The exchange regularly reviews listed tokens and delists those that fail to meet the criteria.
Hot Take: ACE Exchange Faces Controversy Amidst Fraud Allegations
The arrest of ACE Exchange’s founder for alleged fraud has brought significant controversy to the prominent Taiwanese crypto exchange. With seized assets worth millions, this incident raises concerns about investor protection and highlights the importance of due diligence when participating in the cryptocurrency market.