Cryptocurrency

David Vance

David Pan, the founder of the cryptocurrency exchange ACE, and 31 other suspects have been charged by the Taiwan District Prosecutors’ Office. According to local media reports, among those indicted are David Pan, founder of ACE Exchange, his partner Lin Keng-hong, and prominent lawyer Wang Chen-huan, who served as the chairman of the exchange. ACE Crypto exchange founder in jail? 
The allegations arise from a scheme in which more than1,200 investors were defrauded of an estimated total of $24.56 million. Prosecutors allege that the suspects, starting in 2019, urged investors to purchase various tokens, including NFTC tokens, bitnature coins, and mochange tokens introduced by ACE Exchange, using convincing materials like white papers to lend credibility to their offerings. 
In addition to promises made by Pan and Lin to develop ACE Exchange into Asia’s leading blockchain ecosystem for cryptocurrency trading, many investors found themselves facing plummeting token values and were unable to convert their investments back into New Taiwan dollars, prompting them to file complaints.
According to prosecutors, the suspects manipulated token prices on their exchanges to attract investors while selling tokens and other blockchain products, raking in proceeds of at least $67 million. Furthermore, they allegedly instructed others to conceal cash in various locations, including purchasing real estate in Yilan County with <a href="https://news.todayq.com/will-china-help-fraud-victims-to-recover-4-3-bln-btc-seized-by-uk/" rel="noopener noreferrer nofollow">ill-gotten gains</a>.
A particularly notable aspect of the indictment is the involvement of Wang, who reportedly received $1.45 million, of which $865k was reinjected into the exchange to artificially boost prices. Prosecutors have recommended severe sentences, with at least 20 years proposed for the primary suspects, including Pan and Lin, given the magnitude of the losses incurred by investors. Cryptocurrency market overview 
Additionally, Wang faces a recommended minimum sentence of 12 years, taking into account his position as a director of a prominent law firm and his alleged pivotal role in facilitating the scheme. Despite these incidents, the overall cryptocurrency market is currently experiencing downside momentum. Top cryptocurrencies including Bitcoin, Ethereum, Binance Coin, Solana, and others have experienced massive price drops of over 2%, 1%, 2.5%, and 5% respectively.

Crypto market plunges with $24 million fraud reveal

Todayq News

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