According to Cointelegraph, the Taipei City Police conducted raids on multiple locations, including the headquarters of Ace Exchange, leading to the arrest of Ace Exchange founder David Pan and 14 others. They were charged with deceiving investors through false cryptocurrency statements, illicitly profiting approximately 200 million New Taiwan Dollars (equivalent to around 6.4 million US dollars).
Ace Exchange issued a statement on January 4th via the X platform stating that any suspected illegal activities belonged to the “token project party” and would not affect the operation of the exchange. Wang Chen-huan, the president of Ace, stated, “The exchange plans to delist the MOCT/TWD trading pair (MOCT being one of the tokens suspected of fraud) on January 8 and will 'fully cooperate' with any investigation. Some coins listed by individual parties in 2019 involved illegal acts. Essentially, ACE is cooperating with the investigation as a witness, contrary to some media reports implicating company employees, which are not true.”
The Taiwanese authorities seized approximately 3.5 million US dollars worth of cryptocurrency among the confiscated funds. David Pan and others reportedly declined cooperation and were detained on charges of fraud.