“Taiwan Police Bust $6.4m Cryptocurrency Exchange Scam, 14 Suspects Arrested”


After the arrest of its founder, ACE crypto exchange has announced its plans to delist a specific token. The exchange is also working closely with law enforcement agencies.

David Pan, the founder of ACE, was arrested in January, according to local news outlet Liberty Times.

Reports have identified the founder and a coconspirator, Lin, as being involved in a conspiracy using misleading social media advertisements to attract investors. These investors have reportedly lost millions of dollars to shady crypto tokens like MOCT.

Taiwan police conducted raids at multiple locations, including an ACE exchange office, and confiscated around NT$100 million ($2.8 million) worth of cryptocurrencies. Lin’s residence was also searched, and authorities found NT$111.52 million ($3.6 million) in cash, bringing the total amount seized to $6.4 million.

An ACE spokesperson confirmed that some of those arrested were not employees of the company. The exchange has stated that its founder has promised to fully cooperate with investigators. As a result, ACE has suspended its daily operations since 2022.

This is not the first crypto-scam to impact the Asian market. In December, an Indian engineer lost over $100,000 in a digital asset investment scam. Indian police have also arrested individuals in connection with a $300 million crypto scam.

In October, Hong Kong police issued a warning to users and investors about a Binance impersonation scheme. That same month, Binance assisted the Royal Thai Police in seizing $227 million in crypto from scammers.

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