Authorities in Taiwan are reportedly accusing crypto exchange executives and dozens of others of running a multimillion-dollar crypto scam.
According to a new report by the Taipei Times, prosecutors are charging 32 people with fraud allegedly related to the ACE crypto exchange, recommending 20-year sentences for the four operators of the trading platform.
Those arrested include David Pan and Lin Keng-hong, the founders of the ACE crypto exchange platform, and Wang Chen-huan, the chairman of the firm. The Taiwanese government says that the scheme defrauded about 1,200 out of $24.56 million.
Prosecutors say the suspects started encouraging others to purchase virtual currencies, including the native asset of the ACE exchange – starting in 2019.
Though Pan and Lin told investors the plan was to turn
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