Taiwanese prosecutors brought 32 charges and demanded 20 years in prison for the four main defendants in the ACE Exchange crypto exchange case. This was reported by local media with reference to the case materials.
They include company founder David Peng, his business partner Lin Keng-hung and exchange chairman Wang Chen-huang. They are charged with fraud and money laundering.
According to the case materials, the number of victims of the actions of participants in this scheme reached 1,200 people. They suffered total damages of approximately $24.5 million.
Since 2019, Peng and others have been actively promoting various tokens, positioning ACE Exchange as the largest cryptocurrency hub in Asia, the publication noted.
However, investors who invested in the project and/or advertised assets were ultimately unable to withdraw funds. This was the reason for the investigation, as a result of which the prosecutor's office brought charges against the company's management earlier in April 2024.
In addition, according to the authorities, the top management of ACE Exchange manipulated prices on the exchange for the purpose of personal enrichment and attracting even more investors.
The defendants invested the resulting profit in real estate, bought expensive property and simply hid it, the police said.
