Prosecutors in Taiwan are pursuing legal steps against David Pan, the mastermind behind Ace Exchange, a local cryptocurrency marketplace.
On April 8, according to the authorities’ announcement, Pan was among the seven individuals accused and indicted. The prosecution team alleged that Pan engaged in money laundering and fraudulent activities, resulting in approximately NTD 340 million (equivalent to $10.6 million) in financial losses.
In January 2024, the Taipei City police made arrests, including that of Pan and fourteen other suspects, during raids on various sites, among which was the headquarters of Ace.
The investigation revealed that Pan was linked to the deceptive cryptocurrency wallet service known as “Alfred” or “Afu wallet,” as well as its associated crypto card.
Prosecutors allege that these individuals deceived customers by providing a supposed high-yield service through traditional face-to-face transactions and phony investment clubs.
Following a deposit, affected investors were unable to retrieve their funds or discovered their access had been restricted.
According to reports from a court in Taiwan, the defendants’ assets worth over 3.5 million Taiwanese New Dollars (TWD) or approximately $110,000 will be taken away as part of the ruling.
Following the accusation, Ace Exchange released a declaration on April 8th, affirming that Pan’s deceitful actions were unrelated to their platform, since he supposedly stepped down from his active role in its management in 2022.
“A third-party team, under the trust of former Ace Exchange director Pan, created the wallet product. This is not an offering from Ace Exchange itself,” the company clarified. Furthermore, they stated that they were collaborating with local law enforcement.
The exchange stated the following:
“Please rest assured that the trading and operating conditions of Ace Exchange are normal. We ensure the security of user assets, and deposit and withdrawal services for all cryptocurrencies and New Taiwan dollars operate smoothly.”
A smaller, centrally managed cryptocurrency trading platform called Ace Exchange was established in Taiwan towards the end of 2018. Based on information from CoinMarketCap, this exchange handles approximately $14 million in transactions daily.
Based on information from Traders Union, it’s recommended that Ace Exchange be classified as a “higher risk cryptocurrency trading platform” with a trust rating of 2.78 out of 10.
At the time of publishing, Ace Exchange declined to provide CryptoMoon with a comment about the specifics of the indictment.
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2024-04-10 14:42