Authorities in Taiwan have reportedly arrested David Pan, the founder of Ace Exchange, for allegedly committing fraud using cryptocurrencies.ย
According to a Jan. 4 report from the Liberty Times, the Taipei City police arrested Pan and 14 others following raids on several locations, including Aceโs headquarters. The authorities reportedly alleged the individuals earned roughly 200 million Taiwanese dollars โ $6.4 million at the time of publication โ in illegal gains by deceiving investors with false crypto claims.
In a Jan. 4 statement on X (formerly Twitter), Ace said any alleged illegal actions were on the โtoken project sideโ and did not affect the exchangeโs operations. Ace president Wang Chenhuan said the exchange planned to delist the MOCT/TWD trading pair on Jan. 8 โ MOCT was one of the tokens at issue in the alleged fraud โ and would โfully cooperateโ with any investigation.
โSome currencies listed in 2019 were involved in illegal activities,โ said Wang. โBasically, ACE is cooperating with the investigation as a witness. Some media reported that our employees were involved in the case, which is not true.โ
ๅไฝๅฏ่ฝๆ็ๅฐๆฐ่ไบใ ACE ๅจ้้ๆพๆธ ่ฉฒ่ก็บๆฏไปฃๅนฃ้ ็ฎๆน่ก็บ๏ผ่ทไบคๆๆ็้ๆฒ้่ฏใ็ฎๅ็้้ฝๆญฃๅธธ๏ผๅฆๆ้ๅฐๆๅนฃๅ้ก ๅฏไปฅ้้ๆๅๅฎๆนๆธ ้่ฉขๅ
ใACE็็ๆณๅนฃๅ ๅฏ่ฒจๅนฃไบคๆๆ่ฒๆ็จฟใhttps://t.co/VnoekKpWL2
โ ACE Exchange (@ACE_exchange) January 4, 2024
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Of the funds seized, Taiwanese police confiscated roughly $3.5 million in crypto. Pan and the other individuals reportedly refused to cooperate and are being held on suspicion of fraud.
Along with MaiCoin and BitoGroup, Ace is one of Taiwanโs major crypto trading platforms. Founded in 2018, the firm is a member of industry associations amid a changing regulatory environment in the country.
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