The department has charged the conspirators with money laundering and fraud, resulting in losses of over 340 million Taiwan dollars, equivalent to nearly $10.7 million. Pan was involved in organizing the fraudulent Alfred Wallet service and the associated A+Card cryptocurrency card, through which deceived investors were unable to withdraw their deposited funds. According to a source, all assets were blocked in users’ internal accounts, and around 160 people fell victim to the scam. As a result, a Taiwanese court has ordered the confiscation of the defendant’s property.
Representatives of Ace Exchange have denied all accusations of illegal transactions, asserting that Pan is not a current company employee and his activities are unrelated to the platform’s operation. Founded in 2018, Ace Exchange is one of the largest cryptocurrency exchanges in Taiwan. The report indicates that Ace is cooperating with local authorities, and Pan ceased participating in the platform’s business processes in 2022. In line with other developed countries, the new regulatory measures in Taiwan are intended to enhance transparency and compliance in cryptocurrency standards.