As an experienced financial analyst, I find the ongoing case at ACE Exchange in Taiwan deeply concerning. The recommended minimum prison sentences for the main suspects, including the founder David Pan and his business partner Lin Keng-hong, reflect the severity of the alleged fraud and money laundering activities.
The four primary suspects implicated in the cryptocurrency fraud and money laundering scandal connected to ACE Exchange are facing a proposed sentence of at least 20 years in prison, according to Taiwanese prosecutors.
Based on a recent news article, the Taipei District Prosecution filed accusations against 32 individuals, which include David Pan, founder of ACE Exchange, his business partner Lin Keng-hong, and prominent lawyer Wang Chen-huan, who previously held the position of chairman at the exchange. (Paraphrased)
Approximately 1,200 people are now believed to have been misled, leading to a revised estimate of financial damages totaling approximately 800 million New Taiwan dollars (US$24.56 million). This represents a significant rise from the earlier estimated loss of around 340 million New Taiwan dollars ($10.6 million).
Based on the findings in the report, the magnitude of the losses warrants the suggested prison term. Additionally, given Wang’s position as a prominent legal professional, prosecutors advocate for a minimum sentence of 12 years.
In January 2024, Taipei City law enforcement apprehended Pan and 13 other individuals suspected of involvement in a case. Simultaneously, they carried out searches at multiple locations, such as Ace’s main office among others. The probing of these investigations disclosed Pan’s relationship to the deceptive crypto wallet service named “Alfred” or “Afu wallet,” accompanied by a related cryptographic card.
Based on the argument of the accusers, in the year 2019, the accused parties allegedly encouraged investments in NFTC tokens, bitnature coins, mochange from ACE Exchange, and additional tokens. They employed white papers and promotional resources to bolster their trustworthiness.
In their marketing campaign, Pan and Lin worked tirelessly to build ACE Exchange into the premier blockchain platform for cryptocurrency trading across Asia. Regrettably, investors suffered significant losses when the token values dropped dramatically. Unable to exchange their tokens back to New Taiwan dollars as promised, these investors chose to file complaints, calling for a thorough legal investigation.
As a researcher, I’ve come across reports indicating that a court in Taiwan has made a ruling for the seizure of the defendant’s property. The value of the confiscated assets is said to exceed 3.5 million New Taiwan dollars, which is equivalent to approximately $110,000 according to current exchange rates.
In reaction to the accusations made in the indictment, Ace Exchange issued a declaration on April 8th, affirming that Pan and his alleged fraudulent actions were unrelated to their platform. It is stated that he had withdrawn from the day-to-day management of the business by the year 2022.
A hidden gem among centralized crypto exchanges, Ace Exchange hails from Taiwan and made its debut on the market in late 2018. Based on CoinMarketCap’s statistics, it handles approximately $14 million in daily trades. However, a word of caution: according to data from Traders Union, this exchange carries a high level of risk with a trust score of merely 2.78 out of 10.
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2024-04-27 14:59