Founder of ACE Exchange Arrested in Taiwan for Alleged Fraud

Taiwanese police have arrested David Pan, the founder of the cryptocurrency exchange ACE Exchange, on suspicion of fraud, according to Liberty Times.

Reports indicate that Pan and an accomplice spent three years placing fraudulent advertisements on social media. They promoted worthless digital assets, including MOCT tokens. Authorities estimate the damage at over 1 billion TWD ($32.3 million).

Law enforcement conducted searches at several locations, including the ACE Exchange office. They confiscated 200 million TWD ($6.4 million), with 111.52 million TWD ($3.6 million) found at the accomplice’s residence. In addition to the main suspects, 13 others were arrested.

A spokesperson for the exchange clarified to The Block that none of the suspects are employees of ACE. Pan ceased involvement with the platform in 2022. The company is cooperating with the investigation as a witness, the spokesperson emphasized.

【Important Announcement】#ACE Exchange Solemn Statement
Media reports inaccurately stated that our employees were implicated in the case, which is not true.https://t.co/9LZrqYIaEO

— ACE Exchange (@ACE_exchange) January 5, 2024

On January 8, the exchange will delist the MOCT/TWD trading pair.

In November 2023, a money laundering scheme involving 320 million USDT was uncovered in Taiwan. During a search, authorities seized Lamborghini Urus and Lexus LM vehicles, three Audemars Piguet watches, 210,000 TWD in cash, laptops, phones, debit cards, bankbooks, and drugs from a suspect.