Taiwan ACE Exchange founder and seven others indicted in $10.7 million fraud case
The Taiwan prosecutor has sued ACE Exchange founder David Pan and six other suspects, accusing them of money laundering and fraud involving assets worth at least $10.7 million. The prosecutor said on Monday that ACE Exchange is suspected of establishing offshore entities and providing so-called "Alfred Wallet" services, attracting investors to deposit stable coins into the so-called wallet. The statement said that victims realized they had been cheated when they were unable to withdraw assets from the wallet.
Prosecutors said the group is suspected of defrauding at least 162 people, involving more than 342 million new Taiwan dollars (approximately $10.7 million). ACE Exchange said that it is a former executive and that the wallet service involved in the case is independent of the exchange and was developed by David Pan and an external team.
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