Taiwan prosecutors seek to detain ACE Exchange chief

Earlier this month, ACE Exchange founder David Pan was detained on suspicion of planning fraud. Today, Chinese Taiwanese prosecutors requested that the Taipei court detain ACE Exchange President Wang Chenhuan on suspicion of money laundering and fraud. Earlier this month, Pan and a conspirator named Lin were accused of colluding for three years, using false advertisements on social media to lure investors to invest in worthless cryptocurrencies, including MOCT. Prosecutors today stated that Wang is suspected of participating in this case and the court will make a decision on his detention later today. When news of Pan's arrest was announced earlier this month, ACE clarified in a statement that Pan had stopped participating in daily operations in 2022, and Wang took over as president in September 2023. Wang stated at the time that he had made efforts to delist controversial tokens that were added to the exchange after he joined. An ACE spokesperson previously stated that the company is assisting with the investigation as a witness.