ACE Crypto Exchange Founder and 32 People in Taiwan Face Additional Charges for Money Laundering and Financial Crimes

Breakthrough in Investigation Leads to New Charges Against David Pan and ACE Crypto Firm

David Pan, the mastermind behind Ace Exchange, a prominent cryptocurrency trading platform based in Taiwan, is now facing additional charges following a recent discovery of compelling evidence against him and his firm. Earlier this year, Taiwanese authorities conducted a raid on the headquarters of Ace crypto exchange, unearthing significant evidence linking them to the notorious “Alfred” or “Afu wallet”.

Allegedly promoted by David Pan and his associates, the Afu Wallet purportedly offered high-reward services through offline over-the-counter exchanges and fake investment groups.

Subsequent investigations revealed that this fraudulent crypto scheme, orchestrated by Pan and others, resulted in losses totaling 340 million New Taiwan dollars ($10.6 million) and victimized over 162 individuals through a Ponzi scheme.

Pan and his accomplices allegedly enticed people to invest money in the fraudulent platform, luring a significant number of investors through token price manipulation on the ACE crypto exchange, only to abscond with their funds later on.

In response to the charges brought forth by prosecutors and the subsequent seizure of assets, ACE exchange issued a public statement vehemently denying any involvement in fraudulent activities or support for Ponzi crypto schemes.

Most recently, Taiwanese prosecutors have levelled new charges against David Pan and 31 other individuals for alleged money laundering and fraud, recommending a minimum 20-year prison sentence for the key suspects. It is estimated that more than 1,200 individuals fell victim to the scam, losing a staggering $24.56 million.

Initial investigations failed to unveil the extent of this massive fraud and the number of participants involved, but a thorough deep dive uncovered a well-coordinated Ponzi crypto investment scheme at play.

The perpetrators spared no effort in luring investors into the Ponzi crypto scheme, leveraging both offline and online promotion strategies to deceive unsuspecting individuals.