Liberty

David

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<div class="cryptonews">
 <p class="is-style-lead">Taiwanese <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> ACE plans to delist the token and is cooperating with law enforcement after its founder was detained.</p>
 <p>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 Liberty Times, a local news outlet.&nbsp;</p>
 <p>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;</p>
 <p>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.</p>
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 <p>An ACE spokesperson said some of the <a rel="noopener noreferrer nofollow" title="arrested" href="https://thebittimes.com/tag/arrested.html">arrested</a> suspects were not company employees. The <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> promised full cooperation with investigators and noted that founder Pan had ceased input in daily ACE operations since 2022.&nbsp;&nbsp;</p>
 <p>The ACE scandal is the latest crypto scam to rock the Asian market. In December, an Indian engineer lost over $100,000 to a digital asset investment scam. Indian authorities also arrested police agents linked to a massive $300 million crypto scam.&nbsp;</p>
 <p>Hong Kong police issued a warning in October, alerting users and investors to a Binance impersonation scheme. The same month, Binance aided the Royal Thai Police in seizing $227 million in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> from scammers.&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/14-arrested-in-6-4m-taiwan-crypto-exchange-conspiracy-tbt75625.html">https://thebittimes.com/14-arrested-in-6-4m-taiwan-crypto-exchange-conspiracy-tbt75625.html</a></p>

14 arrested in $6.4m Taiwan crypto exchange conspiracy

TheBitTimes

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