David Pan, founder of ACE Exchange, one of Taiwan's largest cryptocurrency exchanges, has been arrested by the country's authorities.
According to local publication Liberty Times, the arrest has been made due to his alleged involvement in fraud.
Law enforcement has seized at least 200 million Taiwanese dollars ($6.4 million) in illegal gains.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
The founder of the crypto platform has been arrested along with 13 other suspects of alleged fraud. Pan has been accused of enticing investors to invest their money in worthless cryptocurrencies, including MOCT.
The police raided several locations in Taiwan last Wednesday, including the office of ACE Exchange.
A representative of the exchange has said that although Pan founded the company, he stopped participating in daily operations in 2022.