Taiwanese Authorities Charge 32 in $24.5 Million ACE Exchange Scam

At least 32 individuals connected to the now-defunct ACE Exchange, a Taiwan-based cryptocurrency platform, face fraud charges following recent indictments by Taiwanese prosecutors. 

Among those accused are the exchange’s founder David Pan, along with Lin Keng-hong and Wang Chen-huan. Who held key roles in the company. Allegedly, these individuals orchestrated a scheme that defrauded 1,200 investors of over $24.5 million. The accused promoted various tokens, including NFTC tokens and bitnature coins, through deceptive means such as falsified white papers and market manipulation. The scam unraveled when investors struggled to liquidate their holdings, prompting complaints. 

Prosecutors are seeking 20-year jail terms for Pan and Lin. While Wang faces a recommended 12-year sentence. The investigation also uncovered that $67.4 million was raised, with some funds hidden in Taiwan and others invested in real estate in Yilan County.

Clever Robot News Desk 30^th April 2024