Alleged Assistance in Fraud and Money Laundering Offenses: Former Jianye Owner’s Lawyer Wang Chenhuan Faces Increased Bail and Restrictions on Personal Freedom
A former leading lawyer at a top law firm in Taipei, Wang Chenhuan, was recently indicted by the Taipei District Prosecutors’ Office on charges of assisting a fraud ring in selling so-called “junk coins” and engaging in other fraudulent activities. Faced with serious accusations including money laundering and organized crime, Lawyer Wang not only had to end his career in the legal field but also faced severe legal consequences. This incident once again highlights the potential risks of the virtual currency market and the ethical responsibility of legal professionals.
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Wang Chenhuan insists on pleading guilty to serious crimes, citing financial difficulties
Court imposes multiple restrictions on Wang Chenhuan with increased bail
Insights into the fraud ring and Wang Chenhuan’s legal defense
Prosecution: “Social death” increases the likelihood of fleeing
According to the prosecution’s investigation, Lawyer Wang Chenhuan is suspected of assisting a fraud ring in selling fraudulent virtual currencies, involving amounts up to hundreds of millions of New Taiwan Dollars. He pleaded guilty in court and claimed to be in a dire financial situation, unable to even pay his legal fees. Wang’s financial difficulties became a focal point during the trial. He claimed that all his assets had been seized and he was under significant financial pressure.
(ACE Exchange in trouble again! Current CEO Wang Chenhuan arrested, just clarified and exposed as involved in money laundering)
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The Taipei District Court has imposed stricter conditions on Wang Chenhuan’s bail, increasing the bail amount from 4 million to 8 million New Taiwan Dollars and requiring him to wear an electronic anklet for the next 8 months. Additionally, the court has imposed restrictions on travel and residence to prevent him from fleeing. These measures reflect the court’s serious attitude towards the case and concerns about the possibility of Wang escaping.
(Continued detention! Northern District Prosecutors Office applies for extended detention of fraud ring member Lin and ACE Exchange involved person)
Wang Chenhuan is accused of assisting Lin Genghong’s fraud ring in establishing a virtual currency trading platform and engaging in large-scale money laundering activities. He provided detailed information about some of the fraudulent activities in court and pleaded guilty. However, the prosecution criticized his so-called confession as a strategic move to secure bail and questioned the extent and authenticity of his fraudulent behavior.
(Taichung District Prosecutors Office indicts ACE Exchange founder for fraud, virtual currency trading involves over 300 million NTD)
During the debate, the prosecution argued that Wang Chenhuan has reached a state of “social death,” meaning his professional career and social reputation have suffered irreversible damage. Therefore, his risk of fleeing is extremely high, necessitating stricter bail conditions to ensure his appearance in court. This accusation has had a significant impact on Wang Chenhuan’s future, affecting not only his personal life but also his long-term professional prospects.
(ACE involved in fraud case opens trial! Main suspect claims “innocence in coin issuance,” low-orbit satellite lawyer pleads guilty, founder claims only served as a “manager”)
ACE
Lin Genghong
Pan Yizhang
Wang Chenhuan
Further reading
ACE involved in fraud case opens trial! Main suspect claims “innocence in coin issuance,” low-orbit satellite lawyer pleads guilty, founder claims only served as a “manager”
Continued detention! Northern District Prosecutors Office applies for extended detention of fraud ring member Lin and ACE Exchange involved person
