The individuals facing charges include the company’s founder, David Pan, his business partner Lin Keng-hoon, and the exchange’s immediate manager, Wang Chen-han. Their alleged crimes have impacted thousands of victims, resulting in financial losses totaling $24.5 million.
Since 2019, David Pan and other top executives have been actively promoting digital assets on the ACE Exchange, positioning it as a highly reputable and secure cryptocurrency platform in Asia.
Unfortunately, investors who had invested in the advertised tokens were unable to withdraw their invested capital after a certain period. As a result, a law enforcement investigation was launched, leading to charges being filed against the exchange’s management by the Taiwanese prosecutor’s office in early April 2024.
Taiwanese law enforcement officials claim that the top management of ACE Exchange engaged in manipulative activities on the exchange to benefit themselves financially. The profits obtained were allegedly used to purchase expensive real estate.
Previously, the Taiwan police had announced the arrest of all suspects involved in the fraud case. Additionally, a sum of $6.4 million was seized from David Pan.