{"id":18970,"date":"2024-04-28T14:50:23","date_gmt":"2024-04-28T14:50:23","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=18970"},"modified":"2024-04-28T10:02:00","modified_gmt":"2024-04-28T10:02:00","slug":"ace-exchange-executives-charged-in-24-5m-fraud-case","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/ace-exchange-executives-charged-in-24-5m-fraud-case\/","title":{"rendered":"ACE Exchange Executives Charged in $24.5M Fraud Case"},"content":{"rendered":"<p>Four main suspects are looking at at least 20-year prison terms. This is the case of the <strong>ACE Exchange<\/strong> cryptocurrency trading platform. <a href=\"https:\/\/coinengineer.net\/blog\/ace-exchange-founder-detained-for-fraud\/\">Taiwan<\/a> prosecutors have been charged with fraud and money laundering.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/ace-exchange-executives-charged-in-24-5m-fraud-case\/#ACE_Exchange_Executives_Charged_in_245M_Crypto_Fraud_Case\" title=\"ACE Exchange Executives Charged in $24.5M Crypto Fraud Case\">ACE Exchange Executives Charged in $24.5M Crypto Fraud Case<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/ace-exchange-executives-charged-in-24-5m-fraud-case\/#Crypto_Platform_Under_Legal_Scrutiny_for_Fraud\" title=\"Crypto Platform Under Legal Scrutiny for Fraud\">Crypto Platform Under Legal Scrutiny for Fraud<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"ACE_Exchange_Executives_Charged_in_245M_Crypto_Fraud_Case\"><\/span>ACE Exchange Executives Charged in $24.5M Crypto Fraud Case<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to local media, 32 individuals, including <strong>ACE Exchange<\/strong> chairman Wang Chen-huan, Lin Keng-hong,<strong> ACE Exchange<\/strong> co-founder, and David Pan, founder, have been charged by the Taipei District Prosecutor\u2019s Office with charges of fraud and money laundering.<\/p>\n<p>Upon further investigation, prosecutors have determined that over 1,200 victims were swindled off about 800 million <a href=\"https:\/\/www.xe.com\/currencyconverter\/convert\/?Amount=1&amp;From=USD&amp;To=TWD\">New Taiwan dollars<\/a> (US$24.56 million). A previous calculation had placed the loss at NT340 million ($10.6 million), so this is a hike.<\/p>\n<p>The study argues that the recommendation of the penalty is substantiated by the higher magnitude of the losses. People-versus-Wang prosecutors also proposed a minimum of twelve years for Wang, considering his professional role as a director of a major law firm and his supposed critical involvement in the conspiracy.<\/p>\n<p>Having raided several places, among them Ace headquarters, the Taipei City police arrested Pan and fourteen others involved in the case in January 2024. The investigations ascertained that Pan was connected to a fraudulent cryptocurrency wallet service dubbed \u201cAlfred\u201d or \u201cAfu wallet\u201d and a token card linked to the service.<\/p>\n<p>In 2019, the prosecution asserts that defendants used promotional materials and white papers to enhance their public image while touting investments in different tokens such as NFTC tokens, bitnature coins, mochange (<strong>ACE Exchange<\/strong> token), and others.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Crypto_Platform_Under_Legal_Scrutiny_for_Fraud\"><\/span>Crypto Platform Under Legal Scrutiny for Fraud<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span class=\"text-with-replacments\">When promoting <strong>ACE Exchange<\/strong>, Pan and Lin aimed to make it the largest blockchain environment for trading cryptocurrencies in Asia.<\/span><span class=\"text-with-replacments\">\u00a0The tokens for most of the holders dropped sharply.<\/span><span class=\"text-with-replacments\"> The complaint that took place following the failure to receive the new Taiwan dollars as promised led to a legal investigation.<\/span><\/p>\n<p><span class=\"text-with-replacments\">The defendant is said to have had assets worth over 3.5 million New Taiwan dollars, or $110,000, confiscated early this year after a court in Taiwan ordered its seizure.<\/span><\/p>\n<p><span class=\"text-with-replacments\"><strong>Ace Exchange<\/strong> released a statement regarding the indictment on April 8, in which it was once again repeated that Pan is unrelated to the platform and his fraudulent activities are irrelevant since he allegedly ceased to be a part of daily operations in 2022.<\/span><\/p>\n<p><span class=\"text-with-replacments\">Among the not-so-well-known centralized cryptocurrency exchanges is <strong>Ace Exchange<\/strong>, situated in Taiwan.<\/span><span class=\"text-with-replacments\">\u00a0Launched in late 2018, the platform trades about $14 million daily, as per CoinMarketCap data.<\/span><span class=\"text-with-replacments\">\u00a0According to Traders Union, <strong>Ace Exchange<\/strong> is a \u201chigh-risk cryptocurrency exchange\u201d with a trust score of 2.78 out of 10.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Four main suspects are looking at at least 20-year prison terms. This is the case of the ACE Exchange cryptocurrency trading platform. Taiwan prosecutors have been charged with fraud and money laundering. ACE Exchange Executives Charged in $24.5M Crypto Fraud Case According to local media, 32 individuals, including ACE Exchange chairman Wang Chen-huan, Lin Keng-hong,<\/p>\n","protected":false},"author":6,"featured_media":18971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[5160,1560],"class_list":["post-18970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ace-exchange","tag-taiwan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ACE Exchange Executives Charged in $24.5M Fraud Case - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Explore the ACE Exchange fraud case. 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