Reported 3 months ago
The ACE Exchange, one of Taiwan's top three virtual currency trading platforms, was implicated in a significant fraud scheme led by founder Pan Yi-chang and six others, who reportedly colluded with a scam group to launder money through the 'Alfred Wallet' app. After fleeing for over nine months, the system administrator surrendered to authorities. Victims lured by promises of high returns found it impossible to withdraw their investments, leading to the exposure of the scam. The total estimated money laundering amount reached NT$33 billion.
Source: YAHOO