Ace Exchange founder David Pan was accused of fraud and money laundering for $10.7 million.
Taiwanese prosecutors have filed charges against Pan and six other suspects. According to the department, the conspirators are being charged with money laundering and fraud, the losses from which amounted to over 340 million Taiwan dollars, the equivalent of nearly $10.7 million at the time of writing.
Pan was one of the organizers of the fraudulent Alfred Wallet service and the associated A+Card cryptocurrency card. After depositing funds, deceived investors could not withdraw them. The source says all assets were blocked in users’ internal accounts, and at least 160 people became victims of the scam.
A Taiwanese court ordered the confiscation of the defendant’s property. In response, representatives of Ace Exchange rejected all accusations of illegal transactions, claiming Pan is not a current company employee and his activities unrelated to the platform’s operation.
Ace Exchange, founded in 2018, is one of the largest cryptocurrency exchanges in Taiwan. The report states that Ace is cooperating with local authorities, and Pan stopped participating in the platform’s business processes in 2022.
In early January, Pan was arrested along with 13 other suspects for his alleged role in a cryptocurrency scam that had been perpetuated over three years.
In September 2023, the Financial Supervisory Authority in Taiwan developed 10 critical rules for virtual asset service providers (VASPs) after discussions with crypto industry members. Following the example of other developed countries, the new regulatory measures aim to help Taiwan with transparency and compliance in cryptocurrency standards.
