ACE Exchange Founder is Arrested for Fraud

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According to a report by Liberty Times, David Pan, the founder of ACE Exchange, one of the largest crypto exchanges in Taiwan, was arrested on suspicion of fraud on Wednesday.

Along with 13 other suspects, Pan and a co-conspirator are accused of using false advertisements on social media to scam investors into putting money into worthless cryptocurrencies, including MOCT.

The police also seized assets worth at least NT$200 million ($6.4 million) in illegal gains during multiple raids at various locations, including the office of ACE Exchange.

According to a spokesperson from ACE Exchange, Pan had not been involved in the company’s daily operations since 2022 and the arrested suspects are not employees of ACE Exchange. The company is currently cooperating with the investigation as a witness.