Taiwan Prosecutors Seek 20-Year Sentences for Ace Exchange Suspects in $24.56 Million Crypto Fraud Case

In Taiwan, prosecutors are seeking 20-year prison sentences for four key suspects involved in the Ace Exchange cryptocurrency fraud and money laundering case. Among the indicted individuals are Ace Exchange founder David Pan, his business partner Lin Keng-hong, and attorney Wang Chen-huan, who served as chairman of the exchange. Prosecutors allege that over 1,200 individuals were scammed, resulting in estimated total losses of 800 million New Taiwan dollars ($24.56 million). The scale of the losses justifies the recommended sentence, with Wang potentially facing at least 12 years due to his status as a director of a prominent law firm and his alleged involvement in the scheme. The investigation revealed Pan's association with a fraudulent crypto wallet service and related crypto card. The suspects promoted investments in various tokens, but investors experienced losses and filed complaints, leading to legal action. Despite Ace Exchange's assertion that Pan's actions were unrelated to the platform, the case underscores risks associated with lesser-known centralised exchanges like Ace Exchange.