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 “garbage coins” and engaging in other fraudulent activities. Faced with serious accusations, including money laundering and organized crime, Wang not only had to end his career in the legal profession but also faced a severe legal trial. This case once again highlights the potential risks in the virtual currency market and the ethical responsibilities of legal professionals.
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Wang Chenhuan pleads guilty to serious crimes, citing financial difficulties
Court imposes multiple restrictions on Wang Chenhuan’s bail
Insights into the fraud ring and Wang Chenhuan’s legal defense
Prosecutors: “Social death” increases likelihood of fleeing
According to the prosecution’s investigation, Wang Chenhuan is suspected of assisting a fraud ring in selling false virtual currencies, involving amounts of up to hundreds of millions of New Taiwan dollars. He pleaded guilty in court and stated that his financial situation was extremely dire, to the point where he couldn’t even pay his legal fees. Wang’s financial difficulties became a focal point in the trial. He claimed that all his assets had been seized and that he was under severe financial pressure.
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The Taipei District Court has intensified the conditions of 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 eight months. Additionally, the court imposed restrictions on his travel and residency to prevent him from escaping. These measures reflect the court’s serious attitude toward the case and concerns about Wang’s potential flight risks.
Wang Chenhuan has been accused of assisting Lin Genghong’s fraud ring in establishing a virtual currency trading platform and participating in large-scale money laundering activities. He provided detailed information about some of the fraudulent activities and pleaded guilty in court. However, the prosecution criticized his so-called guilty plea as a strategic move to secure bail and questioned the extent and authenticity of his fraudulent behavior.
During the debate, the prosecution argued that Wang Chenhuan had reached a state of “social death,” meaning that his professional career and social reputation had been irreversibly damaged. Therefore, his risk of fleeing was extremely high, necessitating stricter bail conditions to ensure his appearance in court. This accusation has had a significant impact on Wang Chenhuan’s future, not only affecting his personal life but also causing long-term negative consequences for his professional career.
ACE
Lin Genghong
Pan Yizhang
Wang Chenhuan
Further reading
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