Authorities in Taiwan Arrest CEOs of Crypto Exchanges Accused of Fraud

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Last Updated on January 7, 2024 by Bitfinsider

Two executives of ACE Exchange, allegedly one of the biggest bitcoin exchanges in the area, were recently taken into custody by Taiwanese police. The pair assisted in deceiving 100 people into purchasing “worthless virtual currencies,” according to the findings of the inquiry that led to the charges.

One of the executives, Lin Nan, reportedly utilized the prospect of rapid wealth to entice gullible individuals into making investments, according to a Liberty Times Net article. Pan Nan, Lin Nan’s purported collaborator, allegedly listed the phony virtual currency on ACE to increase their legitimacy. Before the authorities discovered the swindle, the two were able to carry it out for three years.

Together with the two arrests, authorities in Taipei, New Taipei, and Taichung also took the lives of fourteen other people at fifteen other sites. The authorities found more than $3.6 million (111.52 million yuan) in cash and virtual currency valued slightly more than $3.4 million during a raid on Lin Nan’s home. Over $36 million is the estimated total value of losses linked to Lin Nan and Pan Nan’s fraudulent plan by the Taiwanese police.

Following their questioning, Pan Nan, Lin Nan, and the other 14 people were placed under arrest. They will face charges under the Banking Act, the Money Laundering Prevention Act, and the Criminal Code of the area.

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