David Pan, the founder of Ace Exchange in Taiwan, along with six other individuals, has been indicted by a Taiwanese court on April 8 on charges related to money laundering and cryptocurrency fraud involving digital assets valued at NT$340 million New Taiwan dollars ($10.7 million).
The court ordered the confiscation of the defendant’s property and other assets worth $110,000.
Pan is accused of defrauding at least 162 individuals by offering a fraudulent product through over-the-counter (OTC) exchanges and fake investment platforms. He allegedly created an offshore trading platform that included a cryptocurrency wallet service named “Alfred Wallet,” which was used to deceive victims into depositing their funds. Once the funds were deposited, investors lost access to them, realizing they had been scammed only when attempting to withdraw their cryptocurrencies or locked out of their wallets after depositing them.
In…
