Ace Exchange Suspects Should Get 20-Year Prison Sentences: Prosecutors
28 Avril 2024 - 6:00PM
NEWSBTC
Prosecutors in Taiwan have proposed lengthy prison sentences for
ACE Exchange’s founder, David Pan, and former executives as main
suspects in an alleged fraud and money laundering case. This
development came after the Taiwanese authorities initiated a fresh
round of charges against the exchange founder and several
others. ACE Exchange Defendants Face Potential Lengthy Jail
Term On Friday, April 26, the Taipei District Prosecutors’ Office
indicted 32 individuals involved in an alleged money laundering and
fraud scheme. Among those indicted are Pan, his business partner
Lin Keng-hong, and attorney Wang Chen-huan, who served as the
exchange’s chairman. Related Reading: Is A $72K Bitcoin Surge
On The Horizon? Glassnode’s Latest Analysis Points To An Answer The
prosecutors alleged that the defendants promoted investments in
various tokens, including NFTC tokens, Bitnature coins, and
MoChange – a token developed by Ace Exchange. Investigations
revealed that the suspects crafted white papers and other documents
to enhance the perceived legitimacy of these investments.
According to the prosecutors, the suspects advertised these tokens
through various media outlets while artificially inflating their
prices on their exchanges to lure investors. Investors, however,
reported that they could not convert their tokens back into New
Taiwan dollars as promised, prompting them to file complaints about
the alleged fraud. A local news report disclosed that the losses
amounted to approximately 800 million New Taiwan dollars ($24.56
million), a significant increase from earlier estimates of 340
million NT$. These fraudulent activities led to substantial
financial losses for over 1200 investors, prompting the Taiwanese
prosecutors to recommend prison sentences of at least 20 years for
Pan and Lin. The prosecutors stated that approximately NT$43
million was transferred to Wang, who then invested NT$26 million
back into the exchange to artificially boost the token prices.
Wang, a high-ranking employee in a law firm, could face a minimum
of 12 years behind bars if found guilty of assisting the scheme.
Ace Exchange’s Stance And Response What’s more, investigations show
that Pan and his partners generated at least NT$2.2 billion in
revenue from the sale of tokens and other blockchain products.
Prosecutors also found that they planned to hide the cash in
various locations, using some funds to purchase real estate in
Yilan County. Related Reading: Brazil Wants BTC: 7,400 Bitcoin
Futures Contracts Created On First Day Of Trading In response to
these allegations, Ace Exchange stated that Pan had not been
involved in the platform’s day-to-day operations since 2022,
distancing itself from his alleged misconduct. The exchange
also clarified that its operating conditions remained normal while
being in full cooperation with the authorities. The total
cryptocurrency market capitalization at $2.306 trillion on the
daily timeframe | Source: TOTAL chart on TradingView Featured image
from Mappr, chart from TradingView
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