David Pan, the founder of the Taiwanese crypto exchange ACE, alongside six other suspects, has been charged by prosecutors with fraud and money laundering. According to the official press release, a court ruled the confiscation of Pan’s assets.
Crypto Fraud Investigation Ends With Indictment And Seizing Of Assets
In January 2024, news broke of one of the largest crypto exchanges in Taiwan being under police investigation for alleged fraud. The investigation unveiled a “well-organized” scheme by ACE exchange founders David Pan and Lin Nam to “deceive” victims into investing in worthless virtual currencies.
The police raided over 15 locations, including ACE headquarters, and arrested 14 individuals, including Pan and Lin, as part of the investigation. Additionally, over NT$200 million, worth $6.4 million, were seized during the raids.
The investigation of the suspected money laundering and fraud of ACE and its investee company, Fu Hai Digital Innovation Company, co
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