Taiwanese cryptocurrency exchange Ace Exchange is suspected of fraud, and its founder has been arrested with approximately 6.44 million dollars in funds seized

ChainCatcher news, according to Taiwanese media reports, the Taipei City police arrested its founder David Pan and 14 others after raiding multiple locations, including the headquarters of the cryptocurrency exchange Ace Exchange. The police stated that Lin and Pan collaborated to deceive over a hundred investors into investing in worthless virtual currencies with fake advertisements for three years. In addition to seizing cash, the virtual currency converted to New Taiwan Dollars also exceeded 100 million, totaling illegal profits of about 200 million (approximately 6.44 million USD).

Ace issued a statement on X, claiming that any alleged illegal activities are related to "token projects" and do not affect the operation of the exchange. Ace President Wang Chenhuan stated that the exchange plans to delist the MOCT/TWD trading pair on January 8 (MOCT is one of the tokens involved in the fraud) and will fully cooperate with any investigations.