Founder of ACE Exchange Crypto Exchange Arrested in Taiwan

[Brother]

Taiwanese police announced the arrest of the founder of large local crypto exchange ACE Exchange, David Pan, as well as 13 other fraud suspects. $6.4 million was confiscated from Pan.

According to Taiwanese law enforcement agencies, David Pan and an accomplice surnamed Lin had been posting fraudulent advertisements on social media for more than three years. In their advertisements, the suspects promoted worthless crypto assets such as MOCT tokens.

Police raided several locations, including the ACE Exchange headquarters, and seized $3.6 million in cash and seized approximately $2.8 million worth of digital assets.

A representative of ACE Exchange emphasized that those arrested are not employees of the exchange, and David Pan himself, although he really founded the company, stopped participating in the activities of the site back in 2022. Currently, company representatives are cooperating with law enforcement agencies as witnesses.

In addition, a representative of the exchange said that the platform will delist the MOCT-TWD trading pair on January 8. According to him, most MOCT token holders have already exchanged them for various coupons, for example, for meals in restaurants or hotel stays.

 

[Brother]

Taiwanese prosecutors have sent a petition to the Taipei court to change the preventive measure against the president of the crypto investment company ACE Exchange, who was detained on suspicion of money laundering and fraud.

Wang Chenhuan Wang was summoned to the prosecutor's office after police carried out searches and arrests simultaneously in several places in northern Taiwan.

After the first interrogation of the detainee, the investigative authorities came to the conclusion that Wang Chenhuan was involved in illegal actions. The prosecutor's office began to demand that the local court arrest the detainee and limit the rights to visits. The Taipei court is required to consider the prosecutor's application to detain the head of ACE Exchange by the end of the week.

In early January, ACE Exchange founder David Pan and five other influential company officials were detained. All those detained are accused of fraud and using advertising to induce investors to invest in worthless digital assets such as MOCT.