Former ACE President and prominent lawyer, Wang Chenhuan, had previously pleaded guilty and posted bail of 4 million yuan. However, the prosecutor filed an appeal, and the judge held another hearing last night. The final ruling increased Wang Chenhuan’s bail to 8 million yuan and ordered him to wear an electronic ankle monitor for 8 months, while also restricting his travel and residency.
(Previous Summary: ACE virtual currency fraud mastermind, Wang Chenhuan, operated a brainwashing cult and sold worthless coins, accumulating over a hundred million yuan in illicit gains.)
(Background Supplement: ACE virtual currency fraud case: How can victims seek compensation through litigation? When will downstream businesses be prosecuted? Trial progress..)
Table of Contents:
1. Wang Chenhuan claims to be impoverished: all assets frozen
2. Prosecution requests bail to be increased to 70 million yuan
3. Court ultimately rules bail at 8 million yuan, with requirement to wear electronic ankle monitor for 8 months
4. ACE Premiere Exchange collusion with fraud ring case, announced by Taipei District Prosecutors Office on April 26
Investigation concluded, charging fraud ring leaders Lin Genghong, former and current ACE Premiere Exchange executives Pan Yizhang, renowned lawyer Wang Chenhuan, and 32 others with charges including organized crime, fraud, and money laundering, seeking heavy sentences of over 20 years for the main suspects.
Currently, former ACE President and lawyer Wang Chenhuan has admitted to most of the charges, including organized crime, money laundering, and fraud. After being charged by the prosecution, Wang Chenhuan was initially granted bail of 4 million yuan on April 29, with travel restrictions and a requirement to report to the police station weekly. However, the prosecution immediately filed an appeal, leading to another hearing held yesterday (7th).
According to a report by “Tai Bao” today, Wang Chenhuan revealed that he is currently financially strained: “Jianye has already terminated the authorization of the Bangkok branch, and I have also been expelled from Jianye. Recently, the directors and supervisors I work part-time for have also resigned in writing.” At the same time, he mentioned that although he has four real estate properties, the titles have been confiscated by the investigation, and there are also loans of tens of millions of yuan against the properties, making it almost impossible to liquidate them.
When asked about the electronic monitoring device by the prosecution, Wang Chenhuan said, “If I have to wear an electronic monitor, it would be a psychological burden for me, not because of face… But if the court believes it would provide more assurance, I will respect that.” He also emphasized that with his current assets, it is impossible for him to flee. “Fleeing is not an option for me. I don’t have the ability to escape.”
However, the prosecution does not accept Wang Chenhuan’s claims. They point out that Wang Chenhuan, as the head of a prominent law firm and the president of ACE Premiere Exchange, has significant influence. Despite this, he engaged in leaking confidential information and provided his luxurious residence for Lin Genghong to hide, assisting in modifying white papers and launching decentralized exchanges without any scrutiny. The prosecution strongly argues that Wang Chenhuan and his defense lawyer have continuously advocated for pleading guilty and requesting bail, but pleading guilty does not guarantee that he won’t flee, tamper with evidence, or commit repeated offenses.
The prosecution also questions that if Wang is granted bail, he may not only be able to flee but also continue to orchestrate crimes. Additionally, the prosecution emphasizes that Wang has profited over a hundred million yuan from this case, and based on the principle that criminals should not be allowed to retain their illicit gains, they request the bail amount to be increased to 70 million yuan.
After a heated debate between both sides, the court ultimately ruled to increase Wang Chenhuan’s bail to 8 million yuan and ordered him to wear an electronic ankle monitor for 8 months, while also restricting his travel and residency.
Wang Chenhuan quickly raised the required bail, but it took over two hours just to count the money and put on the electronic ankle monitor. He left the court with a serious expression in the early morning hours. When asked for his opinion on being released on bail, he said he would report to everyone at an appropriate time.
(related reports)
“ACE Premiere Exchange” virtual currency fraud case concludes with charges: Lin Genghong, Pan Yizhang face sentences of over 20 years, with over 2.2 billion yuan in criminal proceeds.
ACE Premiere Exchange’s Pan Yizhang formally charged with fraud, money laundering, and organized crime; prosecution seeks heavy sentence.
ACE Premiere Exchange implicated in fraud ring, laundering 33 billion yuan through “Alfred Wallet” and “A+CARD”! Retired couple caught up in 100 million USDT.