Ace Exchange founder accused of $10.7m fraud

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Ace Exchange founder David Pan was accused of fraud and money laundering for $10.7 million.

The Taiwanese authorities have accused Pan and six other individuals of money laundering and fraud. These alleged offenses are said to have resulted in financial damages exceeding 340 million New Taiwan Dollars, which is approximately $10.7 million in current value.

Pan played a role in setting up the misleading Alfred Wallet platform and its linked A+Card digital currency card. Sadly, those who put money into these schemes were later unable to retrieve their funds. According to reports, the assets of affected users were frozen in their individual accounts, leaving at least 160 individuals as victims of this deceitful venture.

A Taiwanese court mandated the seizure of the defendant’s assets. In opposition, spokespeople for Ace Exchange denied any allegations of illicit deals, asserting that Pan is no longer an employee of their firm and his actions were not connected to the exchange’s functioning.

Founded in 2018, Ace Exchange is now among the biggest cryptocurrency trading platforms in Taiwan. According to recent reports, Ace Exchange is working closely with local law enforcement agencies. It is important to note that Pan disengaged from the business operations of this exchange back in 2022.

Around the start of January, Pan, among 14 others, was taken into custody for suspected involvement in a fraudulent scheme dealing with cryptocurrencies, which reportedly continued for nearly three years.

In September 2023, the Financial Supervisory Authority in Taiwan established ten essential regulations for virtual asset service providers (VASPs) through consultations with crypto industry experts. Modeling after advanced economies, these regulatory initiatives are designed to enhance transparency and ensure compliance with cryptocurrency norms in Taiwan.

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2024-04-10 19:49