Defendants in ACE Exchange Case Face Long Prison Sentences
Authorities in Taiwan have put forth substantial prison terms for the founder of ACE Exchange, David Pan, and previous executives as prime suspects in an alleged scheme involving fraud and money laundering. This step follows the initiation of new accusations against Pan and other individuals by the Taiwanese investigative body.
ACE Exchange Defendants Face Potential Lengthy Jail Term
On Friday, April 26, the Taipei District Prosecution filed charges against 32 people in connection with an suspected money laundering and fraud case. Among those accused are Pan, his business associate Lin Keng-hong, and lawyer Wang Chen-huan, who held the position of chairman for the exchange.
Prosecutors claimed that the defendants marketed investments in several digital tokens such as NFTC, Bitnature coins, and MoChange, which was created by Ace Exchange. It was discovered during investigations that the accused prepared false documents and white papers to boost the credibility of these investment opportunities.
As an analyst, I would rephrase it as follows:
A recent local news announcement revealed that the financial losses reached around NTD 800 million ($24.56 million), significantly surpassing previous estimations of NTD 340 million. The fraudulent actions resulted in substantial financial setbacks for over 1200 investors, leading Taiwanese prosecutors to suggest prison terms of at least 20 years for Pan and Lin.
Prosecutors claimed that about NT$43 million was moved to Wang’s account, which he subsequently used to inject NT$26 million back into the token exchange to manipulate prices. As a senior lawyer, Wang could potentially face a minimum sentence of 12 years in prison if proven complicit in the fraudulent scheme.
Ace Exchange’s Stance And Response
Additionally, it has been discovered through investigations that Pan and his associates earned a minimum of NT$2.2 billion from the sale of tokens and other blockchain-related products. Furthermore, the prosecution uncovered their intention to conceal the earnings by buying property in Yilan County with some of the funds.
In reaction to the accusations made against Pan, Ace Exchange explained that he had no role in their daily business operations after 2022. They also emphasized that their platform continued to function normally as they collaborated with law enforcement agencies.
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2024-04-28 19:16