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

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,205,927,269,767	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,205,927,269,767

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	654.33	1.08%	61,453.17	61,453.16	61,453.17

Price Change

Price Change %

Current Price

Bid Price

Offer

654.33

1.08%

61,453.17

61,453.16

61,453.17

High Price	Low Price	Open Price	Prev. Close	52 Week Range
61,843.45	60,576.05	60,849.85	60,798.84	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

61,843.45

60,576.05

60,849.85

60,798.84

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:38:02	0.001114	61,453.16	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:38:02

0.001114

61,453.16

USD

Price x Volume	Volume	Base Symbol	Related Pairs
147,156,011.06	2,405.65	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

147,156,011.06

2,405.65

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

28/04/2024 5:00pm

NEWSBTC

Prosecutors in Taiwan have proposed lengthy prison sentences for ACE Exchange’s founder, David Pan, and former executives as main suspects in an alleged fraud and money laundering case. This development came after the Taiwanese authorities initiated a fresh round of charges against the exchange founder and several others. ACE Exchange Defendants Face Potential Lengthy Jail Term On Friday, April 26, the Taipei District Prosecutors’ Office indicted 32 individuals involved in an alleged money laundering and fraud scheme. Among those indicted are Pan, his business partner Lin Keng-hong, and attorney Wang Chen-huan, who served as the exchange’s chairman. Related Reading: Is A $72K Bitcoin Surge On The Horizon? Glassnode’s Latest Analysis Points To An Answer The prosecutors alleged that the defendants promoted investments in various tokens, including NFTC tokens, Bitnature coins, and MoChange – a token developed by Ace Exchange. Investigations revealed that the suspects crafted white papers and other documents to enhance the perceived legitimacy of these investments. According to the prosecutors, the suspects advertised these tokens through various media outlets while artificially inflating their prices on their exchanges to lure investors. Investors, however, reported that they could not convert their tokens back into New Taiwan dollars as promised, prompting them to file complaints about the alleged fraud. A local news report disclosed that the losses amounted to approximately 800 million New Taiwan dollars ($24.56 million), a significant increase from earlier estimates of 340 million NT$. These fraudulent activities led to substantial financial losses for over 1200 investors, prompting the Taiwanese prosecutors to recommend prison sentences of at least 20 years for Pan and Lin. The prosecutors stated that approximately NT$43 million was transferred to Wang, who then invested NT$26 million back into the exchange to artificially boost the token prices. Wang, a high-ranking employee in a law firm, could face a minimum of 12 years behind bars if found guilty of assisting the scheme. Ace Exchange’s Stance And Response What’s more, investigations show that Pan and his partners generated at least NT$2.2 billion in revenue from the sale of tokens and other blockchain products. Prosecutors also found that they planned to hide the cash in various locations, using some funds to purchase real estate in Yilan County. Related Reading: Brazil Wants BTC: 7,400 Bitcoin Futures Contracts Created On First Day Of Trading In response to these allegations, Ace Exchange stated that Pan had not been involved in the platform’s day-to-day operations since 2022, distancing itself from his alleged misconduct. The exchange also clarified that its operating conditions remained normal while being in full cooperation with the authorities. The total cryptocurrency market capitalization at $2.306 trillion on the daily timeframe | Source: TOTAL chart on TradingView Featured image from Mappr, chart from TradingView

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BTCUSD Bitcoin