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Taiwan’s ACE Exchange founder among seven indicted in $10.7 million fraud case

Taiwanese prosecutors have indicted David Pan, founder of ACE Exchange, one of the major exchanges in Taiwan, along with six other suspects, on charges of money laundering and fraud involving assets worth at least $10.7 million. The prosecutors stated on Monday that ACE allegedly established an offshore entity to offer what it called the “Alfred Wallet” services to entice investors to deposit their stablecoin in the so-called wallets. The suspects then allegedly transferred and laundered the assets. The group allegedly defrauded at least 162 individuals, involving over NT$342 million ($10.7 million), the prosecutors stated.

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