ACE Exchange Accused of Fraud! CEO with Surname Pan Arrested, Total Confiscation of Illegal Profits Amounting to 200 Million Yuan

ACE Exchange Accused of Fraud! CEO with Surname Pan Arrested, Total Confiscation of Illegal Profits Amounting to 200 Million Yuan

ACE Exchange Accused of Fraud! CEO with Surname Pan Arrested, Total Confiscation of Illegal Profits Amounting to 200 Million Yuan

According to the report by the Liberty Times, the Taiwanese cryptocurrency exchange “ACE 王牌交易所” has been accused of fraud. The Criminal Investigation Brigade of New Taipei City has apprehended the person in charge, surnamed Pan, and his partner, surnamed Lin.

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ACE 王牌交易所 implicated in a 1 billion fraud case
Revealing the fraudulent methods of ACE 王牌交易所
Confiscation of 200 million illegal assets by prosecutors and police

According to the police investigation, Lin and Pan have used false advertisements to deceive over a hundred investors in the past three years, persuading them to invest in worthless cryptocurrencies such as MOCT, NFTC, and BNAT. The police state that the two individuals have deceived more than a hundred investors over the past three years through false advertisements, and Lin, Pan, and their 14 employees were arrested yesterday.

It is understood that Lin used social media platforms such as Instagram and Facebook to publish investment advertisements, claiming that these cryptocurrencies would be listed on well-known domestic and international exchanges in the future, promising quick wealth. Pan, on the other hand, facilitated the listing of these cryptocurrencies on the ACE exchange to increase their credibility.

The Criminal Investigation Brigade of New Taipei City pointed out that ACE exchange used information asymmetry to commit fraud, falsely claiming that these virtual currencies were the latest technology and hyping their potential value based on Bitcoin’s recent growth. However, in reality, these virtual currencies are worthless “garbage coins” or “air coins.”

The police conducted raids in 15 locations, including Taipei, New Taipei, and Taichung, and arrested Lin, Pan, and their 14 employees. They seized NT$115.2 million ($4.13 million) in cash from Lin’s residence, as well as virtual currencies worth approximately NT$108 million ($3.87 million) at the company’s premises. The total amount of confiscated illegal gains exceeds NT$200 million ($7.17 million).

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