ACE, one of Taiwan’s leading crypto exchanges, founded by David Pan and Lian Nan in 2018, is under investigation for a major fraud case exceeding NT$1 billion ($32M).
Recent reports reveal that the exchange, known as “ACE Exchange,” allegedly engaged in fraudulent activities and was subjected to a thorough investigation by the New Taipei City Criminal Police Brigade.
The investigation found that Lin Nan and Pan collaborated in deceiving over 100 investors through fake advertisements, resulting in substantial financial losses. The suspects used social media platforms, such as Instagram and Facebook, to promote shitcoins, allegedly taking advantage of information gaps and promising quick wealth.
Massive Raid On ACE Crypto Exchange
According to authorities, Lin Nan allegedly exploited the information gap to defraud investors by claiming that certain crypto assets listed on the ACE Exchange had realizable value, using the rise of Bitcoin (BTC) as an example.
Through “misleading narratives,” victims were enticed to invest in virtual currencies referred to as “junk coins” and “air coins.” Ultimately, these investments turned out to be worthless, rendering them unable to be cashed out or circulated.
According to local media reports, the fraudulent scheme involved a “well-organized” operation, with Pan providing a credible platform to list virtual currencies and enhance their credibility.
In response to the investigation, the police conducted raids at 15 locations in Taipei, New Taipei, and Taichung, including the ACE Exchange headquarters. Fourteen individuals, including Lin, Pan, and their employees, were apprehended during the raids.
The police seized approximately NT$111.52 million ($3.5M) in cash from Lin’
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Author: Ronaldo Marquez
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