TechFlow reports that Taiwanese prosecutors have indicted David Pan, founder of ACE Exchange, and six other suspects on charges of money laundering and fraud, involving assets worth $10.7 million.
It is alleged that ACE established overseas entities to offer the "Alfred Wallet" service, luring investors to deposit stablecoins, then transferring and laundering these assets. After being unable to withdraw their funds, victims realized they had been defrauded. A total of 162 people were affected, with the amount involved exceeding NT$342 million.
ACE responded that David Pan is a former executive and stated the wallet service in question is unrelated to the exchange. ACE Exchange affirmed its trading and operations remain normal, user assets are secure, and noted that Pan has already been detained in connection with another fraud case.
Founded in 2018, ACE Exchange is one of Taiwan's largest cryptocurrency exchanges. ACE emphasized its commitment to legal compliance and stated it does not tolerate any misconduct.
