Taiwanese prosecutors want to send ACE Exchange's founder, David Pan, and former leaders to jail for a long time. They accused them of cheating people and washing dirty money. This comes after authorities in Taiwan slapped fresh charges on Pan and some others.

On April 26, the Taipei District Prosecutors’ Office blamed 32 people for a big scam involving money washing and cheating. Pan, his partner Lin Keng-hong, and lawyer Wang Chen-huan, who was the exchange’s boss, are among those charged.

The prosecutors said the accused pushed people to invest in different tokens like NFTC tokens, Bitnature coins, and MoChange. They made fake papers to make these investments look real. Then they advertised them on media to attract investors. But when people tried to turn their tokens into cash, they couldn't. So, they complained.

Reports say people lost around 800 million New Taiwan dollars ($24.56 million) because of this scam. More than 1200 investors got hit. The prosecutors want Pan and Lin to go to prison for at least 20 years.

They also say Wang got 43 million NT$ and put 26 million NT$ back into the exchange to make the token prices look good. Wang could get 12 years in jail if found guilty.

Pan and his team made at least 2.2 billion NT$ from selling tokens and other stuff. They planned to hide the cash in different places and buy property in Yilan County.

ACE Exchange said Pan hasn't been running things since 2022. They want to keep their distance from his bad actions. The exchange said it's working fine and cooperating with the law.