Taiwan’s Largest Crypto Exchange, ACE, Faces Criminal Investigation Over Fraud Allegations

ACE, Taiwan’s largest cryptocurrency exchange, is currently under investigation by Taiwan’s criminal police for fraud exceeding NT$1 billion. The probe focuses on the promotion and sale of cryptocurrencies referred to as ‘shitcoins,’ a term used to describe worthless or fraudulent digital assets. The investigation targets key figures, Lin Nan and Pan Nan, accusing them of orchestrating a scheme to deceive investors through social media platforms like Instagram and Facebook. Substantial assets, including cash and virtual currency, have been seized by authorities. This case highlights the challenges and risks associated with fraudulent activities in the cryptocurrency space. (Source: Cryptopolitan)