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Major Taiwan-Based ACE Exchange Refutes Fraud Allegations

ACE Exchange, one of Taiwan’s largest crypto trading platforms, is reportedly under investigation for alleged fraudulent activities, with local authorities estimating the value of the fraud to be over $32 million. However, the company clarified that its employees were not involved in the alleged fraud case. According to local news outlet Liberty Times, Taiwanese police arrested the founder of ACE Exchange, David Pan, and 13 other suspects said to be employees of the firm for reportedly promoting worthless cryptocurrencies to investors for three years. They also allegedly deceived unsuspecting victims into believing that the purchased cryptocurrencies would bring huge returns.

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