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Taiwanese crypto exchange ACE plans to delist the token and is cooperating with law enforcement after its founder was detained.
ACE founder David Pan was arrested on Jan. 4 with 13 other suspects for their alleged role in a cryptocurrency scam perpetuated over three years, according to the <a href="https://news.ltn.com.tw/news/society/breakingnews/4542019" target="_blank" rel="noopener noreferrer nofollow">Liberty Times</a>, a local news outlet.&nbsp;
The ACE founder and a co-conspirator, identified as Lin, are suspected of a conspiracy to leverage misleading social media advertising as a tool to attract investors. Victims reportedly poured millions into shady crypto tokens like MOCT.&nbsp;
Taiwan police raided several locations, including an ACE exchange office, and seized NT$100 million — $2.8 million — in cryptocurrencies.&nbsp; Lin’s residence was also searched, and law enforcement found around NT$111.52 million, or $3.6 million, in cash, a total of $6.4 million in full.
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An ACE spokesperson said some of the arrested suspects were not company employees. The exchange promised full cooperation with investigators and <a href="https://helpcenter.ace.io/hc/zh-tw/articles/27214143164953--ACE%E7%8E%8B%E7%89%8C%E6%B3%95%E5%B9%A3%E5%8A%A0%E5%AF%86%E8%B2%A8%E5%B9%A3%E4%BA%A4%E6%98%93%E6%89%80%E8%81%B2%E6%98%8E%E7%A8%BF-" target="_blank" rel="noopener noreferrer nofollow">noted</a> that founder Pan had ceased input in daily ACE operations since 2022.&nbsp;&nbsp;
The ACE scandal is the latest crypto scam to rock the Asian market. In December, an Indian engineer <a href="https://crypto.news/indian-engineer-loses-114k-to-crypto-investment-scam/" target="_blank" rel="noopener noreferrer nofollow">lost</a> over $100,000 to a digital asset investment scam. Indian authorities also <a href="https://crypto.news/indian-police-officers-arrested-in-300m-crypto-scam-investigation/" target="_blank" rel="noopener noreferrer nofollow">arrested</a> police agents linked to a massive $300 million crypto scam.&nbsp;
Hong Kong police <a href="https://crypto.news/hong-kong-police-warn-of-binance-impersonation-scam/" target="_blank" rel="noopener noreferrer nofollow">issued</a> a warning in October, alerting users and investors to a Binance impersonation scheme. The same month, Binance <a href="https://crypto.news/binance-helps-royal-thai-police-to-seize-277m-from-scammers/" target="_blank" rel="noopener noreferrer nofollow">aided</a> the Royal Thai Police in seizing $227 million in crypto from scammers.&nbsp;
Read more: <a href="https://crypto.news/how-to-safeguard-assets-if-your-crypto-exchange-is-in-trouble/" rel="noopener noreferrer nofollow"> How to safeguard assets if your crypto exchange is in trouble </a>

14 arrested in $6.4m Taiwan crypto exchange conspiracy

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