Taiwanese Crypto Exchange ACE Founder Arrested in Cryptocurrency Scam
Taiwanese crypto exchange ACE is facing a major setback as its founder, David Pan, has been arrested for his alleged involvement in a cryptocurrency scam. Along with 13 other suspects, Pan is accused of orchestrating the scam over a period of three years. The scheme involved misleading social media advertising to attract investors who ended up pouring millions into dubious crypto tokens like MOCT.
Raid and Seizure by Taiwan Police
Taiwan police conducted raids at various locations, including an ACE exchange office, where they seized cryptocurrencies worth $2.8 million. They also searched the residence of Pan’s co-conspirator, Lin, and found approximately $3.6 million in cash. In total, the authorities confiscated assets worth $6.4 million.
ACE’s Response and Cooperation
An ACE spokesperson clarified that some of the arrested individuals were not employees of the company. They assured full cooperation with investigators and revealed that Pan had not been involved in daily ACE operations since 2022.
A Rising Trend of Crypto Scams in Asia
The ACE scandal adds to the growing list of crypto scams that have plagued the Asian market recently. In December, an Indian engineer lost over $100,000 to a digital asset investment scam, and Indian authorities apprehended police agents linked to a massive $300 million crypto scam. Hong Kong police also issued a warning about a Binance impersonation scheme, while Binance itself assisted Thai authorities in seizing $227 million in crypto from scammers.
Hot Take: The Need for Vigilance Against Crypto Scams
Crypto scams continue to pose a significant threat to investors worldwide. This recent incident involving ACE highlights the importance of exercising caution and due diligence when participating in the crypto market. Stay informed about potential scams, verify the credibility of platforms and projects, and never invest more than you can afford to lose. By remaining vigilant and informed, you can better protect yourself from falling victim to fraudulent schemes.
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