The victims were at least 162 people who lost over 342 million Taiwan dollars ($10.7 million)

[Father]

The Taiwanese prosecutor's office has charged the founder of the local ACE Exchange, David Pan, and six of his associates with money laundering and fraud in the amount of at least $10.7 million.

According to the agency, the trading platform managed the Alfred Wallet application and the A+Card through an offshore company. Through them, users deposited cryptocurrencies to the account, which the exchange team took for themselves and laundered, prosecutors believe.

The victims were at least 162 people who lost over 342 million Taiwan dollars ($10.7 million).

ACE Exchange representatives denied all charges of illegal operations. According to them, Pan is not an active employee of the company, and the mentioned services were created by him with a third-party development team.

"The trading and operational status of the exchange is completely normal. We guarantee the security of user assets. All services for entering and withdrawing cryptocurrencies and fiat work smoothly," ACE said.

Founded in 2018, ACE Exchange is one of the largest cryptocurrency exchanges in Taiwan. Pan stopped participating in the site's activities in 2022.

Recall that in January 2024, the Taiwanese police arrested David Pan and 14 of his accomplices on suspicion of promoting digital assets that have no value. The damage amounted to more than $32.3 million.

 

[Father]

The Taipei District Prosecutor's Office has requested 20 years in prison for four main suspects in a fraud and money laundering case involving the ACE Exchange cryptocurrency exchange. This is reported by the Taipei Times.

Among them are the platform's founder, David Pan, his business partner, Lin Keng-hong, and lawyer Wang Chen-huang, who served as the exchange's chairman. In total, 32 people were charged with fraud and money laundering.

According to the investigation, the suspects defrauded more than 1,200 people of 800 million new Taiwanese dollars (about $24.56 million). The previous damage estimate was $10.7 million.

The prosecutor's Office noted that the scale of losses justifies recommendations on sentences.

According to the agency, the trading platform managed the Alfred Wallet application and the A+Card through an offshore company. Through them, users deposited cryptocurrencies to the account, which the exchange team took for themselves and laundered, prosecutors believe.

ACE Exchange representatives denied all charges of illegal operations. According to them, Pan is not an active employee of the company, and the mentioned services were created by him with a third-party development team.