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Taiwan’s major cryptocurrency exchange, ACE Crypto Exchange, and its key figures are under scrutiny for alleged fraudulent activities linked to deceptive claims about speculative token listings.
Multiple raids conducted by the New Taipei City Criminal Police Brigade on Wednesday resulted in the arrest of ACE founder David Pan and co-conspirator Lin Nan.
Additionally, 14 more employees from 15 locations across various cities were taken into custody. A local news report reveals that the investigation by the New Taipei City Criminal Police Brigade led to the seizure of cryptocurrency assets valued at least NT$200 million ($6.4 million).
ACE Crypto Exchange Faces Fraud Allegations: Exploiting Social Media for Deceptive Promotions
Allegations suggest that ACE founder David Pan, co-conspirator Lin Nan, and their team employed social media platforms to promote fraudulent offerings tied to “worthless” cryptocurrencies, including MOCT.
News: Founder of ACE Crypto Exchange Arrested for Fraud.
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In a recent development, the founders of ACE digital currency trading platforms…
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Reports state, “The police said that Lin Nan and Pan Nan cooperated and used fake advertisements to deceive more than 100 investors into investing in worthless virtual currencies in the past three years.” The accused allegedly utilized fear of missing out (FOMO) tactics, enticing investors with promises of quick riches.
ACE exchange further positioned digital assets as cutting-edge technology, boasting about the extreme bullishness of specific cryptocurrencies in the future.
According to reports, the fraudulent operation at ACE exchange involved high remuneration and was orchestrated by a professional team. The police have filed cases under the Criminal Law, the Money Laundering Prevention Act, and the Banking Act.
However, founders Lin Nan and David Pan did not cooperate with the police during the inquiry and denied the charges against them.
In response to the allegations, ACE’s website issued a statement refuting media reports. Wang Chenhuan, President of ACE Exchange, clarified, “ACE employees are fully cooperating with the prosecutor’s investigation as witnesses. Some media reported that our company’s employees were involved in the case, which is false.”
ACE Crypto Exchange Takes Action: Delisting MOCT/TWD Trading Pair
ACE exchange recently declared the delisting of the MOCT/TWD trading pair, effective from Monday. The exchange assured users that all pending orders associated with this pair would be automatically removed after the delisting.
Despite media reports, ACE emphasized that the ongoing investigation and disputes related to specific projects have not impacted its operations. The exchange clarified that the reported issues stem from certain currencies listed in 2019 that have allegedly been involved in illegal activities.
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