The founder of ACE Exchange, one of Taiwan's largest cryptocurrency exchanges, has been arrested on suspicion of orchestrating a fraudulent scheme involving worthless cryptocurrencies.
The founder of ACE Exchange, one of Taiwan's largest cryptocurrency exchanges, has been arrested on suspicion of orchestrating a fraudulent scheme involving worthless cryptocurrencies.
David Pan, the founder of ACE, and 14 other individuals were apprehended by authorities on Wednesday. Pan and an accomplice surnamed Lin are accused of collaborating for three years to lure investors into purchasing valueless cryptocurrencies, including MOCT, through deceptive social media advertisements.
Police conducted raids at multiple locations in Taiwan, including the ACE Exchange office, and seized assets worth over $6.4 million, including cash and cryptocurrencies.
On X, the ACE exchange clarified that the arrested individuals are on the “token project side” and not employees of the exchange and that Pan had ceased involvement in daily operations since 2022. The spokesperson emphasized that ACE Exchange is cooperating with the police investigation as a witness.
In response to the allegations, ACE Exchange announced plans to delist the MOCT-TWD trading pair on January 8. The spokesperson noted that many token holders had previously redeemed their tokens for various coupons.
Established in 2018, ACE Exchange is among Taiwan's largest crypto exchanges, alongside BitoGroup and MaiCoin. The exchange regularly reviews listed tokens, and those that fail to meet certain criteria are delisted.
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