ACE Exchange Founder Arrested Amid Fraud Allegations
David Pan, the founder of Taiwan’s ACE Exchange, has been arrested under suspicion of fraud. His arrest is part of a wider operation that led to the detention of 13 other individuals and the seizure of over $6.4 million in suspected illegal funds.
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David Pan, the founder of Taiwan's ACE Exchange, has been arrested under suspicion of fraud. His arrest is part of a wider operation that led to the detention of 13 other individuals and the seizure of over $6.4 million in suspected illegal funds.
Pan is charged with misleading investors through ads promoting worthless tokens, falsely promising high returns. The representatives of ACE Exchange, a key player in Taiwan's crypto market, have pledged full cooperation with the investigation as witnesses.
They clarified that Pan has not been involved in its management since 2022 and has no current ties with the team. In a move to distance itself from this scandal, ACE Exchange plans to remove all tokens previously promoted by the platform founder.
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