While cryptocurrency fraud cases continue to increase rapidly in the cryptocurrency field, the latest news came from Taiwan.
An investigation has been launched by the police against ACE, one of Taiwan's largest cryptocurrency exchanges, due to suspicion of fraud.
According to local media reports, police alleged that cryptocurrency exchange ACE founders Lin Nan and Pan Nan deceived more than 100 investors into investing in Shitcoins over the past three years and made false advertisements for these investments.
Cryptocurrencies obtained as a result of the investigation and search by the police were converted into cash.
As a result of the search conducted yesterday, a total of 14 people, including Lin Nan, Pan Nan and their employees, were caught by the police.
At this point, the police stated that Lin Nan deceived investors by saying that some shitcoins would be listed on well-known exchanges at home and abroad and that they could get rich quickly through social media such as Instagram and Facebook.
It was stated that Lin Nan and Pan Nan did not want to talk much about the fraud accusation and the incident during the police interrogation and evaded the questions asked.
*This is not investment advice.