Taiwan ACE Exchange founder and seven others indicted for fraud and money laundering, involving $10.7 million

Taiwan prosecutors have charged David Pan, the founder of one of the main local cryptocurrency exchanges, ACE Exchange, and six other suspects with money laundering and fraud involving at least $10.7 million in assets. Prosecutors said on Monday that ACE allegedly set up an offshore entity to provide the so-called "Alfred Wallet" service to attract investors to deposit their stablecoins into the wallet. The suspects then allegedly transferred and laundered the assets. Prosecutors said the gang was suspected of defrauding at least 162 people of more than NT$342 million (US$10.7 million). In response to the charges against the founder of ACE, ACE Exchange said in a statement that Pan was a former executive and that the wallet service involved in the case was not part of ACE but was developed separately by Pan and a third-party team he hired. ACE Exchange responded by saying: "The trading and operation status of ACE Exchange is completely normal. We guarantee the safety of user assets. All deposit and withdrawal services for cryptocurrencies and NT dollars are running smoothly." (The Block)