Taiwan Prosecutors Seek 20-Year Sentences in ACE Exchange Case

Prosecutors in Taiwan are seeking a minimum prison sentence of 20 years for the main suspects involved in a fraud and money laundering case connected to the cryptocurrency trading platform ACE Exchange. The Taipei District Prosecutors’ Office has accused 32 individuals, including ACE Exchange founder David Pan, his business partner Lin Keng-hong, and prominent attorney Wang Chen-huan, who served as the exchange’s chairman. The prosecutors believe that more than 1,200 people were deceived, resulting in an estimated loss of 800 million New Taiwan dollars ($24.56 million), an increase from the previous estimate of 340 million New Taiwan dollars ($10.6 million). Due to the larger scale of losses, the prosecutors are justifying a longer sentence recommendation. Wang, a well-known director of a law firm, may face a minimum sentence of 12 years because of his alleged crucial role in the scheme.

In January 2024, Pan and 14 others were arrested in Taipei City, following raids on various locations, including ACE Exchange’s headquarters. Investigations uncovered Pan’s affiliation with a fraudulent crypto wallet service called “Alfred” or “Afu wallet,” as well as a related crypto card. The suspects allegedly promoted investments in several tokens, including NFTC tokens, bitnature coins, mochange (a token from ACE Exchange), and others, using white papers and promotional materials to gain credibility. Pan and Lin aimed to establish ACE Exchange as a comprehensive blockchain ecosystem for crypto trading in Asia. Many investors suffered significant losses as the token values sharply declined. When they were unable to convert the tokens back to New Taiwan dollars as guaranteed, they filed complaints, leading to a legal investigation.

A Taiwanese court ordered the seizure of the defendants’ assets, with some confiscated assets amounting to at least 3.5 million New Taiwan dollars ($110,000). In response to the indictment, ACE Exchange released a statement on April 8, emphasizing that Pan and his fraudulent activities were not connected to the platform, as he reportedly stopped being involved in day-to-day operations in 2022. ACE Exchange is a relatively unknown centralized cryptocurrency exchange based in Taiwan. According to CoinMarketCap data, the platform launched in late 2018 and has a daily trading volume of around $14 million. Traders Union data classifies ACE Exchange as a “high-risk cryptocurrency exchange” with a trust score of 2.78 out of 10.

13 thoughts on “Taiwan Prosecutors Seek 20-Year Sentences in ACE Exchange Case

  1. I’m glad to see that the prosecutors are seeking substantial prison sentences for the main suspects. It’s important to set an example and deter others from engaging in similar fraudulent activities.

  2. It’s good to see the defendants’ assets being seized as ordered by the court. They should not be allowed to benefit from their fraudulent activities. 🚫💰

  3. The prosecution’s efforts to seek a minimum prison sentence of 20 years demonstrates their commitment to bringing these suspects to justice. I hope it serves as a strong deterrent for others. ⚖️🔒✊

  4. Kudos to the investigators for uncovering Pan’s affiliation with the fraudulent crypto wallet service. It’s crucial to expose all aspects of this scheme to paint a complete picture of what happened. 🧩💼💔

  5. What a shame that so many investors suffered significant losses due to the decline in token values. It’s disheartening to see people fall victim to such fraudulent schemes. 💔😞

  6. I’m glad that the prosecutors have not only identified the main suspects but have also included other individuals allegedly involved in the scheme. This shows their dedication to uncovering the truth.

  7. It’s good to see that the investigators dug deep and uncovered the suspects’ alleged promotion of various tokens to gain credibility. This shows their dedication to uncovering the truth. Bravo!

  8. They thought they could get away with their scam by hiding behind ACE Exchange, but justice will catch up to them! They cannot escape punishment!

  9. Shame on ACE Exchange for not taking responsibility and distancing themselves from their founder. They should be held accountable too!

  10. The order to seize the defendants’ assets is a necessary step in ensuring that they cannot benefit from their ill-gotten gains. Let’s hope this helps in the recovery process for the victims.

  11. It’s unfortunate to see the dark side of the cryptocurrency industry once again. It’s important to remember that not all platforms and investments are reliable. Do thorough research before making any decisions.

  12. Let’s hope that the legal investigation provides the victims with some closure and that they can eventually recover from the financial losses they experienced.

  13. It’s reassuring to see that the court has taken immediate action by ordering the seizure of assets. This sends a strong message that fraudulent activities will not be tolerated.

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