ACE Investigation: Scammer Lin Genghong and model lawyer Wang Chenhuan are the masterminds behind the air coin fraud, with Pan Yizhang as the frontman.

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Model Student in the Legal Sphere Revealed to be the Mastermind of a Cryptocurrency Scam: The Astonishing Transformation from Courtroom to Prison Van

In the legal circle of Taiwan, a figure once hailed as a "model student lawyer" has recently shocked the public by being arrested in connection with a large-scale cryptocurrency fraud case. Lawyer Wang Chen-huan, a standout student at National Taiwan University's law department, garnered attention in the legal community for his outstanding professional image and noble character. However, recent investigations have uncovered a starkly different truth.

New Taipei City Criminal Investigation Bureau: Victim Reporting Process

Mastermind of the Scam: Unveiling a Dual Identity

According to investigations by the Bureau of Investigation, Wang Chen-huan is the actual person in charge of the ACE cryptocurrency exchange. He is not only accused of being the mastermind behind the fraud gang and price manipulator but was also found with nearly 50 million New Taiwan dollars in cash at his residence and office. This discovery has left his friends and colleagues in shock, unable to believe that the lawyer once seen as a role model would be involved in such a scandal.

After a detailed investigation, the task force discovered that Wang Chen-huan initially provided legal advisory services to ACE. Although he later became a shareholder in ACE through capital increases, the source of his funds raised suspicions. Investigators suspect Wang Chen-huan may have been involved in handling the proceeds of the fraud, implicating him in crimes such as fraud and money laundering. Based on these findings, law enforcement authorities conducted further searches and interrogations, leading to the detention of Wang Chen-huan and five other individuals involved in the case.

From Respected Lawyer to Suspect: The Downfall of a Career

Wang Chen-huan holds a Master of Laws degree from National Taiwan University and previously served as a teaching assistant in the law department. He was also a member of the Phi Tau Phi Honor Society. At the Jianye Law Firm, a company with over 40 lawyers, he served as the managing lawyer. In 2023, he became the CEO of ACE Exchange with full ownership and later applied to change himself to the company's responsible person.

Jianye Law Firm stated that Wang Chen-huan has resigned: ACE Exchange in Turmoil Again! Current CEO Wang Chen-huan Remanded in Custody, Just Cleared and Now Implicated in Money Laundering Case

Wang Chen-huan enjoyed a high reputation in the legal profession, considered a serious and ambitious professional. During his practice, he not only maintained a good image but also frequently published legal opinions in journals, showcasing his knowledge and talent. His wife is also a member of the legal profession, but now he faces not only the end of his career but also the possibility of imprisonment.

Case Escalation: Staggering Amounts Involved

This case involves not only Wang Chen-huan but also several other high-ranking members of the fraud gang, including Gao Weilun, Xie Shiyin, and Lin Shufen. To date, there have been two waves of search operations, with over 180 million New Taiwan dollars in cash seized and the cryptocurrency valued at 290 million New Taiwan dollars. These figures are just the tip of the iceberg, and the case may further expand.

ACE Case: Prominent Lawyer Involved in Cryptocurrency Fraud and Money Laundering, Seizure of Millions in Cash, Main Suspect's Girlfriend's Family McLaren Supercar

Fraud Methods: The Dark Side of the Cryptocurrency Market

Investigations show that this fraud gang used the ACE exchange for their scams. They attracted investors through pyramid schemes, manipulated cryptocurrency prices, and when investors wanted to sell, the gang would refuse for various reasons, causing significant losses to many investors.

Search Findings: Cash and "Lawyer" Red Envelopes

During the search of Wang Chen-huan's residence, investigators found bags of cash in leather bags and even a stack of thousand New Taiwan dollar bills in red envelopes on the living room TV cabinet.

The Grey Areas Extended by Weak Cryptocurrency Regulation

This case has not only shaken the legal community but also exposed the risks and illegal activities hidden in the cryptocurrency market. Wang Chen-huan's case serves as a reminder that in the high-tech and rapidly evolving financial field, the boundaries between morality and law are often blurred, and even the most respected professionals may have undisclosed sides.

Cover image from United Daily News journalist