ACE Exchange founder arrested on suspicion of fraud, police seized $6.4 million worth of illegal gains
The founder of ACE Exchange, one of the largest cryptocurrency exchanges in Taiwan, David Pan, has been arrested on suspicion of planning fraud, as reported by local media, the Liberty Times. The police have seized at least 200 million New Taiwan Dollars (6.4 million US dollars) worth of illegal assets.
An ACE Exchange spokesperson stated that although David Pan founded the company, he stopped participating in daily operations in 2022. The spokesperson pointed out that ACE Exchange is currently cooperating with the police investigation as a witness.
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