Ace Exchange Suspects Should Get 20-Year Prison Sentences: Prosecutors

Taiwanese prosecutors have proposed long prison sentences for ACE Exchange founder David Pang and former executives as the main suspects. Fraud and money laundering cases. The development came after Taiwanese authorities launched new charges against the exchange’s founder and several others.

ACE Exchange defendants could receive long prison sentences

Friday, April 26th, Taipei District Public Prosecutors Office was indicted 32 people are suspected of being involved in money laundering and fraud schemes. Those indicted include Mr. Ban, his business partner Lin Jianhong, and lawyer Wang Chenhuan, who served as the exchange’s chairman.

Prosecutors alleged that the defendants facilitated investments in various tokens, including NFTC tokens, Bitnature Coin, and MoChange, a token developed by Ace Exchange. investigation It was revealed that the suspects prepared white papers and other documents to emphasize the legitimacy of these investments.

According to prosecutors, the suspects promoted these tokens through various media while artificially inflating prices on exchanges to attract investors. However, investors reported that they were unable to convert their tokens back to New Taiwan Dollars as promised, prompting them to file complaints alleging fraud.

a local news report The loss amounted to approximately NT$800 million ($24.56 million), a significant increase from the previous estimate of NT$340 million. These frauds caused significant financial losses to more than 1,200 investors, and Taiwanese prosecutors recommended at least 20 years in prison for Mr. Pan and Mr. Lin.

Prosecutors said about NT$43 million was transferred to Mr. Wang, who reinvested NT$26 million into the exchange to artificially inflate the token price. Wang, a senior law firm employee, could face a minimum of 12 years in prison if convicted of aiding and abetting the scheme.

Ace Exchange stance and response

Additionally, the investigation found that Pan and his partners earned at least NT$2.2 billion from the sale of tokens and other blockchain products. Prosecutors also found that he had planned to use some of the funds to purchase real estate in Yilan County and hide the cash in various locations.

In response to these allegations, Ace Exchange said Pang said he had not been involved in the platform’s day-to-day operations since 2022 and had distanced himself from the platform. His alleged wrongdoing. The exchange also clarified that it is fully cooperating with the authorities and that its operational status remains normal.

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