According to Taiwanese law enforcement agencies, David Pan and an accomplice surnamed Lin had been posting fraudulent advertisements on social media for more than three years. In their advertisements, the suspects promoted worthless crypto assets such as MOCT tokens.
Police raided several locations, including the ACE Exchange headquarters, and seized $3.6 million in cash and seized approximately $2.8 million worth of digital assets.
A representative of ACE Exchange emphasized that those arrested are not employees of the exchange, and David Pan himself, although he really founded the company, stopped participating in the activities of the site back in 2022. Currently, company representatives are cooperating with law enforcement agencies as witnesses.
In addition, a representative of the exchange said that the platform will delist the MOCT-TWD trading pair on January 8. According to him, most MOCT token holders have already exchanged them for various coupons, for example, for meals in restaurants or hotel stays.
At the end of December, Chinese police stopped the operation of an illegal cryptocurrency exchange whose turnover exceeded $25 billion.
Source: Bits
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