Jannat Ara

Taiwan’s ACE Founder and 13 Others Arrested in $6.4 Million Crypto Exchange Scheme

The founder of ACE, David Pan, found himself among 13 other suspects apprehended on Jan. 4 in connection to an alleged cryptocurrency scam spanning three years. The Liberty Times, a local news outlet, reported on their arrest.

Pan and a collaborator identified as Lin are believed to have orchestrated a scheme utilizing misleading social media promotions to lure investors. Victims reportedly invested millions in dubious crypto tokens such as MOCT based on these deceptive tactics.

Law enforcement in Taiwan conducted raids on various sites, including an ACE exchange office, seizing NT$100 million (approx. $2.8 million) in cryptocurrencies. Lin’s residence was also searched, uncovering around NT$111.52 million (about $3.6 million) in cash, summing up to a total of $6.4 million seized.

Responding to the arrests, an ACE spokesperson clarified that not all detained individuals were company employees. They assured full cooperation with the investigation and highlighted that founder Pan had ceased involvement in ACE’s daily operations since 2022.

This scandal adds to a series of crypto scams unsettling the Asian market. In a separate December incident, an Indian engineer fell victim to a digital asset investment scam, losing over $100,000. Indian authorities also apprehended police agents linked to a substantial $300 million crypto scam.

Highlighting the broader concern, Hong Kong police issued warnings in October about a Binance impersonation scheme targeting users and investors. In collaboration, Binance assisted the Royal Thai Police in seizing $227 million in cryptocurrency from scammers during the same month.

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