Taiwan Requests 20 Years in Prison for ACE Exchange Founder

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The Taipei District Prosecutor’s Office has requested a 20-year prison sentence for four key suspects involved in a fraudulent and money laundering case connected to the ACE Exchange cryptocurrency exchange.

The individuals in question are the platform’s founder David Pan, his business partner Lin Keng-hong, and lawyer Wang Chen-huang, who served as the exchange’s chairman.

A total of 32 people have been indicted for their involvement in fraud and money laundering activities. Investigators allege that the accused cheated over 1,200 individuals out of NT$800 million (equivalent to $24.56 million).

This figure is significantly higher than the previous estimate of $10.7 million in damages. The prosecutor’s office stated that the magnitude of the losses justifies the recommended sentence.

The authorities claim that the cryptocurrency exchange operated through an offshore company, managing the Alfred Wallet application and the A+Card.

Through these services, users deposited digital currencies into their accounts, which the exchange’s team allegedly embezzled and laundered.