ACE Case: Prominent lawyer involved in virtual currency fraud and money laundering, seized tens of millions in cash, main suspect's girlfriend owns McLaren supercar

According to ETToday, the New Taipei City police recently uncovered a shocking cryptocurrency fraud case involving the ACE exchange and the well-known law firm "Jian Ye Law Firm." This case not only involves tens of millions in cash but also includes expensive supercars. Wang Chen-huan has been detained, and Jian Ye Law Firm has also issued a statement to disassociate from Wang Chen-huan's personal actions.

ACE exchange scandal again! Current head Wang Chen-huan detained, just clarified and implicated in money laundering

Massive Raid Reveals Shocking Insider Details

The New Taipei City Criminal Investigation Division uncovered over 220 million New Taiwan Dollars in cash and cryptocurrency from individuals associated with the ACE exchange during their investigation. However, the real surprise came during the second wave of raids, which exposed the involvement of Wang Chen-huan, the head of "Jianye Law Firm." Authorities found a staggering 47 million New Taiwan Dollars in cash at his residence, and at the girlfriend's residence of the main suspect, Lin Keng-hung Lin, they seized a McLaren 720S sports car worth 18 million New Taiwan Dollars.

Multiple Arrests and Seizures of Large Sums

A total of 5 individuals, including employees of the ACE exchange, were arrested in this operation, and a total of 66 million New Taiwan Dollars in cash and 180 million New Taiwan Dollars' worth of cryptocurrency were seized. Furthermore, authorities conducted searches at 10 locations in Taipei City, New Taipei City, and Yilan, recovering large amounts of cash and cryptocurrency from the group members' rental properties.

Suspects Firmly Deny Allegations, Legal Proceedings Follow Closely

Facing accusations from the authorities, Wang Chen-huan and others firmly denied any involvement in the case. They claimed that the confiscated money was borrowed from friends but failed to provide a reasonable explanation for the source of the cash. The Taipei District Prosecutors' Office subsequently charged these 5 individuals with money laundering and fraud, and applied for their detention and isolation.

Staggering Figures: Nearly 500 Million New Taiwan Dollars Seized

As of now, the enforcement action has seized approximately 470 million New Taiwan Dollars in cash and cryptocurrency, including the valuable McLaren 720S sports car. These seized items will be processed according to legal procedures, which may involve confiscation and auctioning.

This case not only exposes the significant risks inherent in the cryptocurrency industry but also highlights the potential roles that legal professionals may play in such fraudulent activities. As the investigation progresses, more details are expected to be revealed, and the industry's attention will continue to focus on this shocking case.