Taiwan prosecutors target 20-year sentences for Ace Exchange suspects

Prosecutors in Taiwan have recommended 20-year prison sentences for the four main suspects in a fraud and money laundering case involving the cryptocurrency trading platform Ace Exchange. According to a local news report, the Taipei District Prosecutors' Office has indicted 32 people on fraud and money laundering charges, including Ace Exchange founder David Pan, his business partner, Lin Keng-hong, and prominent attorney Wang Chen-huan, who served as chairman of the exchange. The prosecutors now believe that over 1,200 individuals were scammed, resulting in estimated total losses of 800 million New Taiwan dollars ($24.56 million). This is an increase from the previous estimated losses of 340 million NT$ ($10.6 million). According to the report, the scale of the losses justifies the sentence recommendation. The prosecutors also recommended at least 12 years for Wang, considering his status as a director of a well-known law firm and his alleged role in assisting the scheme. In January 2024, Taipei City Police arrested Pan and 14 others linked to the case, conducting raids at various sites, including Ace's headquarters. Investigations revealed Pan's association with the fraudulent crypto wallet service known as "Alfred" or "Afu wallet," along with a related crypto card. According to the prosecutors, in 2019, the suspects promoted investments in NFTC tokens, bitnature coins, mochange (an Ace Exchange token) and other tokens, using white papers and promotional materials to enhance their credibility.