Founder of Ace Exchange Arrested for Cryptocurrency Fraud

Ace Exchange’s founder, David Pan, and 14 others have been arrested in Taiwan for alleged cryptocurrency fraud, deceiving investors and earning around $6.4 million illegally. Ace Exchange plans to delist the MOCT/TWD trading pair and asserts that the fraud is related to the “token project side,” not affecting its core operations. Authorities seized approximately $3.5 million in crypto, and the accused individuals are held on suspicion of fraud.

Taiwanese authorities have arrested David Pan, founder of Ace Exchange, and 14 others in connection with a cryptocurrency fraud case, allegedly earning $6.4 million through deceptive practices. The arrest followed police raids on multiple locations, including Ace’s headquarters. In response, Ace Exchange stated that any illegal activities were associated with the “token project side” and assured that its regular operations remained unaffected.

Ace President Wang Chenhuan emphasized cooperation with investigations, refuting claims of employee involvement in the case. The exchange plans to delist the MOCT/TWD trading pair, with Wang citing the connection of some 2019-listed currencies to illegal activities. Approximately $3.5 million in cryptocurrency was confiscated by Taiwanese authorities.

Ace Exchange, a prominent Taiwanese crypto trading platform established in 2018, faces a challenging regulatory landscape alongside industry peers MaiCoin and BitoGroup. As the investigation unfolds, the crypto community observes how the legal proceedings might impact the broader regulatory environment in Taiwan.

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