The president of Ace Exchange said none of the firm’s employees had been arrested following Taiwanese police conducting raids as part of a fraud investigation.
Authorities in Taiwan reportedly arrested David Pan, the founder of the Ace Exchange, for allegedly committing fraud using cryptocurrencies.
According to a Jan. 4 report from the Liberty Times, the Taipei City police arrested Pan and 14 others following raids on several locations, including Ace’s headquarters. The authorities reportedly alleged the individuals earned roughly 200 million Taiwanese dollars — $6.4 million at the time of publication — in illegal gains by deceiving investors with false crypto claims.
In a Jan. 4 statement on X (formerly Twitter), Ace said any alleged illegal actions were on the “token project side” and did not affect the exchange’s operations. Ace President Wang Chenhuan said the exchange planned to delist the MOCT/TWD trading pair on Jan. 8 — MOCT was one of the tokens at issue in the alleged fraud — and would “fully cooperate” with any investigation.
