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Previously, Taiwanese prosecutors recently charged at least 32 people associated with the defunct cryptocurrency exchange, namely ACE Exchange.

Launching News.bitcoin.com, Saturday (4/5/2024) 32 defendants were allegedly involved in a scheme that defrauded 1,200 investors. A report said that prosecutors had recommended a prison sentence of 20 years for the main suspect.

Among those charged include ACE Exchange founder David Pan, as well as Lin Keng-hong and Wang Chen-huan, who served as chairman of the crypto exchange.

Mentioned in the Taipei Times report, they were accused of organizing a fraud scheme that siphoned off more than USD 24.5 million or the equivalent of Rp. 398.5 billion from users.

In addition to encouraging investors to purchase NFTC tokens, bitnature coins, and other tokens, the defendants also wrote white papers and other materials to increase the legitimacy of the tokens. Despite promotional efforts aimed at strengthening ACE Exchange's reputation, the value of the token has plummeted.

Prosecutors further accused the indicted individuals of manipulating token prices.

ACE Exchange's total fraud was apparently revealed when investors were unable to liquidate their tokens, causing several parties to file complaints.

Apart from that, the Taipei Times report also revealed that a total of USD 67.4 million or IDR 1 trillion was collected from token sales and blockchain-related products. Although some of the proceeds were hidden in various locations in Taiwan, the suspects also acquired real estate properties in Yilan County, according to prosecutors.

Prosecutors then recommended 20 years in prison for Pan and Lin. As for Wang, a prominent lawyer, prosecutors suggested a minimum of 12 years in prison.