Prosecutors in Taiwan are going after the key suspects of a huge fraud and money laundering scandal linked to cryptocurrency trading platform ACE Exchange with full force.
According to local reports, the prosecutors have proposed that the four ringleaders of the scheme be sentenced to at least 20 years in prison. This includes the founder David Pan, his business partner Lin Keng-hong, lawyer Wang Chen-huan who served as the exchange’s chairman; and another person known only as Liang.Â
The case has deepened after it was found that more than 1,200 people were defrauded out of approximately 800 million New Taiwan dollars ($24.6m).
According to the report, the alleged fraudsters attracted investors in 2019 by promoting questionable crypto tokens such as NFTC, bitnature and ACE’s mochange token through false whitepapers and marketing materials, said the statement. However, their value crashed later on leaving buyers unable to change them into fiat currency as promised.
Some assets worth $110,000 have been frozen but given that they could spend more than two decades behind bars if convicted, it is unlikely that those who lost their investments will recover any money from them or anyone else involved in this scam.
Also Read: Taiwan Seeks 20-Year Terms for ACE Exchange Crypto Fraud
