- Taiwanese prosecutors have filed charges against key executives of the ACE Exchange.
- A 20-year prison term has been sought for the four main defendants.
- They are accused of engaging in fraudulent activities and money laundering.
Taiwanese prosecutors have filed a total of 32 charges against the main defendants in the ACE Exchange case and are seeking a 20-year prison term, reports local media citing case documents.
Among the individuals charged are the company’s founder, David Peng, his business partner, Lin Keng-hung, and the exchange’s chairman, Wang Chen-huang. They have been accused of engaging in fraudulent activities and money laundering.
The case documents reveal that approximately 1,200 individuals fell victim to this scheme, resulting in total damages amounting to around $24.5 million.
Since 2019, Peng and his associates had been actively promoting various tokens and presenting the ACE Exchange as the largest cryptocurrency hub in Asia, according to the publication.
However, investors who had invested in the project and those who had promoted its assets were ultimately unable to retrieve their funds. This triggered the investigation, leading the prosecution to file charges against the company executives earlier in April 2024.
Furthermore, the authorities allege that the top management of ACE Exchange manipulated prices on the platform for personal gain and to attract more investors.
The defendants reportedly used the profits obtained for purchasing real estate, expensive properties, and attempted to conceal their assets, according to the police.