ACE Exchange, one of Taiwan’s largest crypto trading platforms, is reportedly under investigation for alleged fraudulent activities, with local authorities estimating the value of the fraud to be over $32 million.
However, the company clarified that its employees were not involved in the alleged fraud case.
ACE Exchange Founder Arrested for Fraud Allegations
According to local news outlet Liberty Times, Taiwanese police arrested the founder of ACE Exchange, David Pan, and 13 other suspects said to be employees of the firm for reportedly promoting worthless cryptocurrencies to investors for three years.
Pan, along with Lin Nan, who appear to be the masterminds, told investors through various social media that these tokens will be listed on popular local and foreign crypto exchanges as a way to make them seem credible, according to the report.
They also allegedly deceived unsuspecting victims into believing that the purchased cryptocurrencies would bring huge returns. However, the prom
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