According to local media, police detained ACE founder David Pan and thirteen other individuals on suspicion of fraud and confiscated property valued at least $6.4 million in illicit gains.
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According to local media Liberty Times, the creator of ACE Exchange, one of the biggest cryptocurrency exchanges in Taiwan, was detained on suspicion of planning a fraud on Wednesday. At least NT$200 million ($6.4 million) in illicit proceeds was seized by the authorities.
The founder of ACE, David Pan, was reportedly detained for suspected fraud along with thirteen other people. According to the article, Pan and a co-conspirator with the last name Lin are suspected of working together for three years to trick people into investing in worthless cryptocurrencies, such as MOCT, by posting misleading advertisements on social media.
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According to the article, the police raided many places in Taiwan on Wednesday, including the ACE Exchange office, and took NT$111.52 million ($3.6 million) in cash from Lin’s home. According to the article, the police also confiscated cryptocurrency valued at over NT$100 million, increasing the total amount of assets taken into custody to over NT$200 million.
The Block was informed by an ACE Exchange representative that the suspects in custody are not ACE staff members. The spokesman continued, “Pan founded the company, but he stopped being involved in day-to-day operations in 2022.” The representative stated that ACE Exchange is presently providing witness cooperation to the police inquiry.
ACE Exchange, which listed MOCT in 2019, intends to delist the MOCT-TWD trading pair on January 8 in response to the news of the purported scam involving its founder. According to the spokeswoman, a large number of token owners had already exchanged their tokens for different coupons good for hotel stays or meals.
Along with BitoGroup and MaiCoin, ACE is one of the biggest cryptocurrency exchanges in Taiwan, having been founded in 2018. ACE addressed the news in a statement made on Thursday, stating that tokens that do not match the requirements will be delisted. The exchange conducts market evaluations on a regular basis to evaluate listed tokens.
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