Taiwanese law enforcement charges ACE Exchange founder with $10.7 million fraud
Date: 2024-04-11 Author: Oliver Abernathy Categories: BUSINESS
Taiwanese law enforcement accuses the founder of the cryptocurrency exchange ACE Exchange, David Pan, and six other individuals of fraud using cryptocurrency funds amounting to $10.7 million. They allegedly created an offshore organization to use the Alfred Wallet service, through which investors were invited to deposit stablecoins, after which they were Crypto assets were withdrawn. Police received complaints from 162 customers claiming they were unable to recover their assets from the wallet.
Denial of accusations and guarantees of ACE Exchange
The current management of ACE Exchange denies involvement in Pan's activities and states that Alfred Wallet has no connection with the company. The exchange assures users of the normal operation of the platform, promising the safety of their assets and uninterrupted transactions with cryptocurrencies and new Taiwan dollars.
Past incidents and consequences
In January, Pan was detained in another fraud case related to advertising MOCT tokens on social networks. ACE Exchange claims that Pan left the company back in 2022. Due to the investigation, the exchange was expelled from the local Crypto Industry Association.
