ACE Exchange Founder Charged For $10.7 Million Fraud Case

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Taiwanese authorities have accused the founder of ACE Exchange, David Pan, and six other people of involvement in a money laundering scheme worth at least $10.7 million. ACE Exchange, a major trading platform in Taiwan, is among the businesses implicated in this fraudulent activity.

On Mondays hearing, the prosecution team announced that ACE is under accusation for establishing an offshore business which offered “Alfred Wallet” services as a deceitful means to attract investors into transferring their stablecoins into these supposed wallets. Subsequently, the accused are believed to have moved and laundered the assets.

The suspects were unable to take out their assets from their digital wallets when they found out they had been deceived in that moment, as stated. Prosecutors claim that the scam artists managed to defraud at least 162 people, totaling over NT$342 million or $10.7 million.

Regarding the allegations leveled against our founder, ACE Exchange clarified that Pan was once an executive with our company, but the cryptocurrency wallet service under scrutiny was developed entirely by him and his personally-hired team, outside of ACE.

Ace reassured users, “You can be fully confident that our cryptocurrency exchange and operations at ACE are running as usual. We prioritize your asset safety and all functions for depositing and withdrawing both cryptocurrencies and New Taiwan dollars are working efficiently.”

Furthermore, Pan is under investigation for another alleged scam. Alongside his co-conspirator, Lin, they are accused of deceitfully persuading individuals to buy certain cryptocurrencies using false social media advertisements over a three-year period.

After Pan’s arrest in January, ACE explained in a statement that he had ceased involvement in the company’s daily affairs since 2022.

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2024-04-10 15:00