Taiwan Prosecutors Request 20-year Prison Sentence for Ace Exchange Founder

The four main suspects in the Ace Exchange cryptocurrency fraud and money laundering case are facing recommended 20-year prison sentences by prosecutors in Taiwan.

The Taipei District Prosecutors’ Office has indicted a total of 32 individuals, including Ace Exchange founder David Pan, his business partner Lin Keng-hong, and prominent attorney Wang Chen-huan who served as chairman of the exchange.

According to local news sources, the prosecutors have raised their estimate of the total amount of money lost in the scam from 340 million NT$ ($10.6 million) to 800 million NT$ ($24.56 million).

This increase justifies the recommended sentence of 20 years for the four main suspects. In addition, a minimum of 12 years was recommended for Wang due to his role as a director of a reputable law firm and his alleged involvement in facilitating the scheme.

The arrests and indictments came after a police raid in January 2024, which revealed Pan’s involvement in a fraudulent crypto wallet service called “Alfred” or “Afu wallet,” as well as a related cryptocurrency card.