Taiwanese Prosecutors Indict 32 Individuals Implicated in $24.5 Million ACE Exchange Fraud Scheme

Taiwanese prosecutors recently indicted at least 32 individuals associated with the now-defunct cryptocurrency exchange, ACE Exchange. The accused were allegedly part of a scheme that defrauded 1,200 investors. According to a report, prosecutors have recommended 20-year prison terms for the primary suspects.

Among those indicted include ACE Exchange founder David Pan, as well as Lin Keng-hong and Wang Chen-huan, who served as the crypto exchange’s chairman. As detailed in the Taipei Times report, these individuals are accused of orchestrating a scheme that siphoned more than $24.5 million (NT$800 million) from users.

In addition to encouraging investors to purchase NFTC tokens, bitnature coins, and other tokens, the accused also authored white papers and other materials to enhance the legitimacy of these tokens. Despite promotional efforts aimed at bolstering ACE Exchange’s reputation, the token values plummeted. Prosecutors further allege that the indicted individuals manipulated token prices.

The full extent of ACE Exchange’s deception seemingly came to light when investors were unable to liquidate their tokens, leading some to file complaints.

Meanwhile, the Taipei Times report reveals that a total of $67.4 million was raised from the sale of tokens and blockchain-related products. While some of the proceeds were concealed in various locations within Taiwan, the suspects also acquired a real estate property in Yilan County, the prosecutors.

Prosecutors have since recommended 20-year jail sentences for both Pan and Lin. As for Wang, a prominent lawyer, prosecutors suggest a minimum of 12 years behind bars.

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