The Boss Of This Crypto Exchange Was Arrested By The Police After Selling Fake Cryptocurrencies On Exchange

The boss of the crypto exchange in Taiwan sells scam coins for personal gain. (Photo; Doc. MakeUseOf)

JAKARTA Bad news came from the crypto industry in Taiwan regarding the crypto asset fraud scandal. Interestingly, this fraud was carried out by two leading crypto trading company executives, ACE Exchange.

Dua eksekutif ACE Exchange berhasil diringkus polisi Taiwan setelah diduga terlibat dalam penipuan mata uang kripto. Mereka diduga membantu menjual mata uang kripto rupiah kepada 100 orang dengan iming-iming keuntungan besar.

According to the Liberty Times Net report, the two executives are Lin Nan and Pan Nan. Lin Nan is suspected of promising quick wealth to attract suspicious people to invest in worthless virtual currencies.

Fake Crypto Listing

Pan Nan allegedly listed fake virtual currencies on the ACE Exchange to increase his credibility. They managed to carry out fraud for three years before being arrested by the police.

In addition to arresting Lin Nan and Pan Nan, the police also detained 14 other people suspected of being involved in the fraud. They were arrested in 15 locations spread across Taipei, New Taipei, and Taichung.

From a search at Lin Nan's residence, the police confiscated more than $3.6 million (IDR 55.9 billion) in cash and virtual currencies worth a little more than $3.4 million (IDR 52.8 billion). Taiwan Police estimate the total loss caused by this fraud reached more than $36 million (IDR 559.3 billion).

Lin Nan, Pan Nan, and 14 other people are now detained and charged with various articles, including the Taiwan Criminal Code, the Money Laundering Prevention Act, and the Banking Act. This scandal raises the spotlight and questions about the protection of investors and regulations in the fast-growing crypto industry.