Legal Turmoil: ACE Global Founder Faces Billion-NTD Crypto Scam Allegations
David Pan, founder of ACE Global, faces legal troubles over an alleged 1 billion NTD crypto scam. The case, which has shaken the local crypto community, highlights concerns over fraudulent activities within the industry.
The Case Against ACE Global
Founded in 2018, ACE Global became Taiwan’s first legal cryptocurrency exchange and ranked among the top three in the nation. Pan often appeared in media, sharing investment insights. Allegations claim Pan, Lin Genghan, and Lin Ruoqiao sold questionable tokens like MOCT through ACE Global, exploiting its reputation.
In January 2024, the Taipei District Prosecutor’s Office led a multi-agency raid, arresting Pan and 13 others. The investigation revealed Pan conspired to sell “junk tokens,” defrauding investors of 1 billion NTD and laundering 2.2 billion.
By September 2024, authorities implicated 138 individuals, including lawyers and sales agents. Prosecutors filed charges under the Organized Crime Prevention Act, further intensifying the case.
Legal Proceedings and Health Concerns
Pan, detained since January 2024, sought bail due to severe health issues, including persistent coughing and hospital visits. His defense team argued for bail, initially set at 20 million NTD, claiming Pan’s deteriorating health and family obligations. However, prosecutors opposed the motion, citing risks of evidence tampering and flight.
In August 2024, the court raised Pan’s bail to 30 million NTD, imposing electronic monitoring and contact restrictions. Despite these measures, the court decided on September 9 to extend Pan’s detention for two more months, emphasizing the severity of the allegations.
Implications for the Crypto Industry
This high-profile case underscores the vulnerabilities in the crypto sector. The use of ACE Global’s platform for fraudulent activities eroded trust among investors and raised questions about regulatory oversight. It reminds investors to exercise caution and conduct thorough due diligence before engaging in crypto projects.
As legal battles continue, David Pan and ACE Global remain at the heart of Taiwan’s largest crypto scandal, exposing the industry’s darker side.
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