Taiwanese authorities have reportedly accused several individuals, including executives of a cryptocurrency exchange, of orchestrating a multi-million dollar crypto scam. The Taipei Times has released a new report stating that 32 people are facing charges of fraud in relation to the ACE crypto exchange. The four operators of the platform are being recommended for 20-year prison sentences. Among those arrested are David Pan and Lin Keng-hong, the founders of ACE, as well as Wang Chen-huan, the chairman of the firm. The Taiwanese government claims that the scheme defrauded approximately $24.56 million from 1,200 individuals. Prosecutors allege that the suspects began urging others to invest in virtual currencies, including the native asset of ACE, as early as 2019. Despite promising investors that ACE would become the leading crypto trading platform in Taiwan, the value of its native asset plummeted, leaving investors unable to convert their digital assets back into Taiwanese dollars. Prosecutors argue that the suspects manipulated asset prices on the platform to attract more investors. Wang is accused of receiving $5.5 million and reinvesting half of that amount into ACE to artificially boost asset prices and deceive traders. The report states that prosecutors are recommending 20-year sentences for Pan and Lin, and a 12-year sentence for Wang.