Founder of Taiwan’s Ace Exchange Indicted in $10.7M Fraud Case
Ace Exchange founder David Pan and six other individuals were indicted by a Taiwanese court on April 8 on charges of money laundering and crypto fraud involving digital assets valued at NT$ 340 million New Taiwan dollars ($10.7 million.)
The court ruled that the defendant’s property and other owned assets worth $110K be confiscated.
As detailed in an official statement from Taiwanese prosecutors, David Pan defrauded at least 162 individuals by offering a fraudulent product built on over-the-counter (OTC) exchanges and faux investment platforms.
Investigators said the Ace Exchange founder created an offshore trading platform that offered a cryptocurrency wallet service dubbed “Alfred Wallet,” which was used to lure unsuspecting victims for the storage of their funds. However, once the funds were deposited, the investor lost access to the funds.
UPDATE: ACE EXCHANGE FOUNDER CHARGED FOR ALLEGED MONEY LAUNDERING AND FRAUD INVOLVING ASSETS WORTH AT LEAST $10.7M
— BSCN Headlines (@BSCNheadlines) April 10, 2024
The victims only realized they had been scammed when their crypto withdrawals failed. Others were locked out of the wallet after making a deposit.
Ace Exchange responded to the indictment by releasing a statement distancing itself from Pan. The exchange also disclosed that the wallet service involved in the money laundering case was not a product of Ace. Instead, it was developed by a third-party team hired by Pan.
The exchange said,
“Please rest assured. The trading and operational status of ACE Exchange is completely normal. We guarantee the security of user assets. All services for depositing and withdrawing cryptocurrencies and New Taiwan dollars are operating smoothly.”
各位可能有看到新聞了。 ACE
Read more on cryptonews.com
