Recent developments in the investigation of former executives of the ACE crypto exchange have led to the indictment of 32 people by the Taipei District Prosecutors’ Office. The main suspects, including ACE's founder David Pan, his business partner Lin Keng-hong, and attorney Wang Chen-huan, are accused of promoting tokens such as NFTC, BitNature (BNAT), and ACE’s MoChange (MOCT) to investors.

These tokens were endorsed as part of a plan to establish ACE as Asia’s premier blockchain ecosystem for cryptocurrency trading. The suspects allegedly manipulated token prices on the exchange, deceiving investors. When the tokens lost value, investors attempted to convert them into New Taiwan dollars, only to find difficulties in retrieving their funds.

The investigation uncovered a scheme that collected over NT$2.2 billion (approximately $67.48 million) through token sales and other blockchain-related products. The primary suspects are facing recommendations for substantial prison sentences, with at least 20 years proposed for Pan and Lin and 12 years for Wang.

This indictment follows an earlier case involving seven individuals connected to ACE, who were charged with money laundering and fraud. The suspects used the "Alfredo Wallet App" for offline cryptocurrency transactions, affecting more than 162 victims and resulting in losses exceeding NT$340 million (around $10.7 million). Despite these accusations, ACE has distanced itself from the defendants and assured users of normal operating conditions.