#Taiwan Cracks Down on Crypto Exchange Fraud: 32 Indicted

Taiwanese authorities indicted 32 individuals, including exchange founder David Pan and lawyer Wang Chen-huan, for allegedly defrauding investors of $24.5 million through a cryptocurrency token scheme.

Prosecutors believe Pan and his associates promoted tokens like #MOCT and #BNAT since 2019, manipulating prices and creating fake documents to attract investors. When investors tried to withdraw funds, they were blocked.

The investigation revealed over 1,200 victims and hidden funds used to purchase real estate. Pan and key figures could face 20+ years in prison, while Wang could get 12 years due to his prominent legal role.

This isn't Pan's first brush with law. He's also accused of a separate $10.7 million scam involving an app used for crypto transactions. #ACE distanced itself from the accused, assuring users operations are normal and they're cooperating with authorities. #BullorBear