After the founder of the ACE Exchange was detained on suspicion of fraud, the Taiwanese prosecutor requested the court to detain its president

ChainCatcher news, according to The Block, earlier this month, ACE Exchange founder David Pan was detained on suspicion of orchestrating fraud. Today, the Taiwanese prosecution requested the Taipei court to detain ACE Exchange president Chenhuan Wang on charges of money laundering and fraud.

The Taipei District Prosecutor's Office stated that on Tuesday, after police raided multiple locations in northern Taiwan, Chenhuan Wang and four other suspects were summoned by prosecutors. Chenhuan Wang is also a partner at the law firm Chien Yeh law offices. According to the prosecutor's office, after the interrogation, prosecutors filed a request with the court to detain Chenhuan Wang and the other four suspects and restrict their visitation rights.

Previous reports indicated that the Taiwanese cryptocurrency exchange Ace Exchange is suspected of fraud, with the founder arrested and approximately $6.44 million in funds seized.