In a recent development, the founders of ACE digital currency trading platforms, one of Taiwan’s top three virtual currency brokerage firms, have been arrested for crypto fraud. David Pan and Lin Nan, in collaboration with their team, allegedly used deceptive tactics, including fake advertisements on social media platforms such as Instagram and Facebook, to defraud more than 100 investors of over 1 billion yuan in the past three years. The police estimate that the total amount of fraud committed by the duo may exceed NT$1 billion.