Prosecutors in Taiwan have recommended at least 20 years in prison for the four main suspects in a fraud and money laundering case linked to cryptocurrency exchange ACE Exchange. According to local reports, the Taipei District Attorney's Office indicted 32 people on fraud and money laundering charges, including ACE Exchange founder David Pan, his business partner Lin Jinghong, and a former chairperson of the exchange.
Prosecutors currently believe that more than 1,200 people were defrauded, with an estimated total loss of NT 800 million (US $24.56 million). This is an increase from the previously estimated loss of NT 340 million (US $10.6 million). According to prosecutors, in 2019, the alleged offender used white papers and promotional materials to promote investments in tokens such as NFTC tokens, bitnature coins, ACE exchange tokens, and mochange, in order to enhance their credibility.
Prosecutors in Taiwan have recommended a 20-year prison sentence for ACE exchange suspects
2024-04-27 12:38:35
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