Taiwan Files New Charges Against ACE Crypto Exchange Founder & 32 people for Money Laundering and Fraud

cryptodailyPublished on 2024-04-23Last updated on 2024-04-27

Taiwan Files New Charges Against ACE Crypto Exchange Founder & 32 people for Money Laundering and Fraud 2

Prospectors found new evidence against David Pan, so imposed new charges against him & his crypto firm ACE. 

David Pan is the founder of Ace Exchange, a Taiwan-based local cryptocurrency trading platform. In Jan of this year, the Taiwanese enforcement agencies raided the headquarters of Ace crypto exchange and found many crucial pieces of evidence of their connection with Alfred” or “Afu wallet”.

Afu Wallet, Promoted by Davin Pan and Associates, Allegedly Offered High-Reward Services Through Offline Over-the-Counter Exchange and Fake Investment Groups. 

Following the initial investigations in this matter, Taiwanese prosecutors charged Pan & some other people because this fraudulent crypto scheme led to losses of 340 million New Taiwan dollars ($10.6 million). Through the Ponzi scheme, defendants affected over 162 victims. 

Allegedly Pan & some other suspects promoted the fraudulent platform to encourage people to invest money and also they attracted huge numbers of investors via token price manipulation on the ACE crypto exchange. But later they ran away with customers’ funds. 

Following the prospector charges & defendant’s property seizure, ACE exchange officially released a statement to ensure that ACE exchange was never used to conduct any scam & never supported Ponzi crypto platforms or services. 

In the latest, the Taiwanese prosecutors have filed a new round of charges against David Pan and 31 other suspects for alleged money laundering and fraud. 

Prosecutors are recommending a minimum 20-year prison sentence for the four main suspects. According to prosecutors, more than 1,200 people were defrauded of an estimated $24.56 million.

In the initial phase of the investigation, the investigators were not aware of the level of this big scam & people involved in this matter but deep investigation found that it was a well-organised ponzi crypto investment scheme. 

To attract investors in the Ponzi crypto scheme, they promoted services “offline as well as online”. 

Read also: Phoenix Bitcoin wallet departs from the US jurisdiction 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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