Investigation on ACE Case: Lin Genghong, the Fraudster, and Wang Chenhuan, the Exemplary Lawyer, Identified as Masterminds of Air Coin Scam, with Pan Yizhang as the Frontman.

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“Model Student” in the Legal Field Turns out to be the Mastermind of a Cryptocurrency Fraud Ring: Astonishing Transformation from the Courtroom to the Prison Car
Exposing the Dual Identity of the Fraud Ring Mastermind
From Respected Lawyer to Suspect: The Downfall of a Career
Case Escalation: Shocking Amounts Involved
Fraudulent Methods: The Dark Side of the Cryptocurrency Market
Search Reveals Cash and “Lawyer” Red Envelopes
Weak Regulation in the Grey Area of Cryptocurrency Oversight
In the legal community of Taiwan, a figure hailed as a “model student lawyer” recently shocked the public by being arrested in connection with a large-scale cryptocurrency fraud case. Lawyer Wang Chenhuan, once a standout student in the law department of National Taiwan University, attracted attention in the legal field with his outstanding professional image and noble character. However, a recent investigation has revealed a completely different truth.
According to the investigation by the Investigation Bureau, Wang Chenhuan is the actual person in charge of ACE Exchange. He is not only accused of being the mastermind and price manipulator of the fraud gang but also nearly NT$50 million in cash was found in his residence and office. This discovery has shocked his friends and colleagues, who find it hard to believe that this lawyer, who was once seen as a role model, could be involved in such a scandal.
After a detailed investigation, the task force found that Wang Chenhuan had initially provided legal advisory services to ACE Exchange. Although he later became a shareholder of ACE through capital increase and other means, the source of his funds raised suspicions. Investigators suspect that Wang Chenhuan may have been involved in handling the proceeds of the fraud, thereby being implicated in crimes such as fraud and money laundering. Based on these findings, law enforcement agencies conducted further searches and interrogations, resulting in the detention of Wang Chenhuan and five other individuals involved in the case.
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Wang Chenhuan holds a master’s degree in law from National Taiwan University and has served as a teaching assistant in the law department of the university. He is also a member of the Phi Tau Phi Honor Society. At Jianye Law Firm, a company with over 40 lawyers, he served as the managing lawyer. In 2023, he became the president of ACE Exchange by holding full shares, and in the same year, he applied to change himself to be the person in charge of the company.
(Jianye Law Firm stated that Wang Chenhuan has stepped down:
ACE Exchange strikes again! Current person in charge Wang Chenhuan detained, just clarifying and getting slapped in the face again, also involved in money laundering
)
Wang Chenhuan enjoys a high reputation in the legal profession and is regarded as a serious and enterprising professional. During his practice, not only did he maintain a good image, but he also frequently published legal opinions in journals and magazines, 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.
This case involves not only Wang Chenhuan but also several other high-ranking members of the fraud gang, including Gao Weilun, Xie Shiyin, and Lin Shufen. So far, there have been two waves of search operations, with over NT$180 million in cash seized, and the value of virtual currencies reaching NT$290 million. 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, seized millions in cash, main suspect’s girlfriend’s family owns McLaren supercar)
The investigation shows that this fraud gang used ACE Exchange for their scams. They attracted investors through pyramid schemes and manipulated the prices of cryptocurrencies. When investors wanted to sell, the gang would refuse for various reasons, causing significant losses for many investors.
During the search of Wang Chenhuan’s residence, investigators found bags made of cowhide filled with cash in storage boxes, and even stacks of thousand-dollar bills in red envelopes on the living room TV cabinet.
This case not only shocked the legal field but also exposed the risks and illegal activities lurking in the cryptocurrency market. Wang Chenhuan’s case serves as a reminder that in the high-tech and rapidly developing financial field, the boundaries of ethics and law are often blurred, and even the most respected professionals may have an unknown darker side.
(Cover image from United Daily News photographer)
ACE
Lin Genghong
Pan Yizhang
Wang Chenhuan