During a series of raids, police not only apprehended the suspects but also seized a substantial amount of money and digital assets. In total, $6.4 million was confiscated, with $3.6 million recovered in cash and $2.8 million worth of digital assets seized.
ACE Exchange, however, made it clear that the arrested individuals are not affiliated with the company. Although Pan founded the exchange, he ceased involvement with the platform in 2022. The exchange’s representatives are currently assisting law enforcement as witnesses.
As part of their response to the situation, ACE Exchange has decided to delist the MOCT-TWD trading pair starting from January 8. The exchange’s spokesperson also revealed that most MOCT token holders have already exchanged their assets for various coupons, such as those offering meals in restaurants or stays in hotels.
This incident comes on the heels of the Chinese authorities shutting down a massive illegal cryptocurrency exchange operation, which had a trading volume exceeding $25 billion. These recent actions demonstrate the commitment of law enforcement agencies to crack down on crypto-related fraud and ensure the integrity of the digital asset space.