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Model Student in the Legal Field Turns out to be the Head of a Virtual Currency Scam: Astonishing Transformation from the Courtroom to the Prison Van
Head of the Scam: The Revelation of a Dual Identity
From Respected Lawyer to Suspect: The Downfall of a Career
Case Continues to Unfold: Shocking Amounts Involved
Scam Techniques: The Dark Side of the Virtual Currency Market
Search Reveals: Cash and “Lawyer” Red Envelopes
Weak Regulation in the Gray Area of Virtual Currency Supervision
In the legal circle of Taiwan, a figure hailed as a “model student lawyer” has recently shocked the public by being arrested in connection with a large-scale virtual currency fraud case. Lawyer Wang Chen-huan, a standout student at the National Taiwan University Law School, garnered attention in the legal field for 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 Chen-huan is the actual person in charge of ACE Exchange. He is not only accused of being the mastermind and price manipulator of the fraud syndicate but also nearly NT$50 million in cash was found in his residence and office. This discovery has left his friends and colleagues shocked, as they could not believe that this lawyer, who was once regarded as a role model, would be involved in such a scandal.
Through a detailed investigation, the task force found that Wang Chen-huan initially provided legal consulting services to ACE Exchange. Although he later became a shareholder of ACE through capital increase, the source of his funds raised suspicions. Investigators suspect that Wang Chen-huan may have been involved in handling the proceeds of the fraud, engaging in crimes such as fraud and money laundering. Based on these findings, law enforcement authorities conducted another search and interrogation, resulting in the detention of Wang Chen-huan and five other individuals involved in the case.
Wang Chen-huan holds a Master of Laws degree from National Taiwan University and previously served as a teaching assistant at the university’s Law School. He was also a member of the Phi Tau Phi Honor Society. At the J&L 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 his status to the person in charge of the company.
(Wang Chen-huan has stepped down, according to J&L Law Firm:
ACE Exchange is rocked again! Current person in charge Wang Chen-huan detained, just cleared and implicated in money laundering cases)
Wang Chen-huan enjoys a high reputation in the legal field and is considered a serious and ambitious professional. During his practice, he not only maintained a good image but also frequently published legal opinions in journals, demonstrating 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 not only involves Wang Chen-huan but also several other high-ranking members of the fraud syndicate, including Kao Wei-lun, Hsieh Shih-ying, and Lin Shu-fen. 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 numbers are just the tip of the iceberg, and the case may further expand.
(The ACE case: Prominent lawyer involved in virtual currency fraud and money laundering, millions in cash seized, main suspect’s girlfriend’s family owns a McLaren supercar)
Investigations have shown that this fraud syndicate used the ACE Exchange for their scams. They attracted investors through pyramid schemes and then manipulated the prices of virtual currencies. When investors wanted to sell, the syndicate would refuse under various pretexts, causing significant losses to many investors.
During the search of Wang Chen-huan’s residence, investigators found bags filled with cash in leather paper bags 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 virtual currency market. Wang Chen-huan’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 unknown sides.
(Cover photo taken by United Daily News photographer)
ACE
Lin Geng-hung
Pan Yi-chang
Wang Chen-huan