Founder of Taiwan’s Ace Exchange Indicted in $10.7M Fraud Case
Taiwanese court indicted Ace Exchange founder David Pan and six others in a money laundering and crypto fraud case involving $10.7 million. Pan defrauded 162 individuals through a fake cryptocurrency product on an offshore platform. Victims lost access to their funds, leading to charges against Pan and his collaborator Lin, who was arrested with millions in cash and cryptocurrencies. This incident, along with other cases in Taiwan involving crypto fraud and money laundering, has prompted authorities to implement regulations to protect investors, with new digital asset laws set for September 2024.
