In Taiwan, the four primary accused in the cryptocurrency trading platform Ace Exchange fraud and money laundering case are recommended to serve 20 years in jail by the prosecutors.

The Taipei District Prosecutors' Office has charged 32 individuals with fraud and money laundering, including the founding creator of Ace Exchange, David Pan, his business partner Lin Keng-hong, and well-known lawyer Wang Chen-huan, who chaired the exchange, among others, according to a local news report.

As of right now, the prosecution estimate that approximately 1,200 people were defrauded, with an estimated total loss of 800 million New Taiwan dollars, or $24.56 million. Compared to the prior expected losses of 340 million NT$ ($10.6 million), this represents a rise.

The assessment states that the recommended sentence is justified given the magnitude of the losses. Additionally, the prosecutors suggested least 12 years for Wang, considering his status as a director of a well-known law firm and his alleged role in assisting the scheme.

In January 2024, Taipei City Police arrested Pan and 14 others linked to the case, conducting raids at various sites, including Ace’s headquarters. Investigations revealed Pan’s association with the fraudulent crypto wallet service known as “Alfred” or “Afu wallet,” along with a related crypto card.

According to the prosecutors, in 2019, the suspects promoted investments in NFTC tokens, bitnature coins, mochange (an Ace Exchange token) and other tokens, using white papers and promotional materials to enhance their credibility

During their promotional efforts, Pan and Lin aimed to develop Ace Exchange into Asia’s most comprehensive blockchain ecosystem for crypto trading. However, many investors experienced a sharp decline in token values. They were unable to convert them back to New Taiwan dollars as guaranteed, prompting them to file complaints for a legal investigation.

A Taiwanese court reportedly ruled that the defendant’s property should be seized, with some confiscated assets amounting to at least 3.5 million NT$ or $110,000.

Ace Exchange released a statement on April 8 in response to the charges, restating that Pan and his fraudulent activities were unrelated to the platform because he supposedly stopped being involved in day-to-day operations in 2022.

Taiwan-based Ace Exchange is a less well-known centralised cryptocurrency exchange. Launched in late 2018, the platform trades about $14 million daily, according to CoinMarketCap data. Ace Exchange has a trust score of 2.78 out of 10, making it a "high-risk cryptocurrency exchange" based on Traders Union data.