20 Years in Prison Requested for Managers of Fraudulent Cryptocurrency Exchange
32 people affiliated with ACE Exchange, one of the cryptocurrency exchanges, were charged with fraud.
Among the 32 people charged in Taiwan are ACE Exchange founder David Pan, his partner Lin Keng-hong and his lawyer Wang Chen-huan.
According to local sources, this cryptocurrency exchange is alleged to have defrauded more than 1,200 people for a total of $ 24.56 million.
It was reported that the suspects encouraged investors to buy NFTC, bitnature and mochange coins as of 2019 and tried to make them seem legitimate.
ACE Exchange executives promised to make the exchange one of the most equipped blockchain ecosystems in Asia, but in the meantime, the value of the coins purchased by investors crashed.
Managers hid the money they received from investors in different places and used it to buy real estate. Wang put some of the money transferred to him into the stock market to raise prices.
A prison sentence of at least 20 years is requested for the four people who are the main suspects.
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