News

ACE, A Prominent Taiwanese Crypto Exchange EXCHANGE Founder, Detained on Suspicion of Fraud

single-image

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.

Stay in the know on crypto by frequently visiting Crypto News Today

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.

Advertisement

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.

CryptoCaster Quick Check:

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.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


W

e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.

Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.

We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.

When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.

CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.

We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like