News Update: ACE President Wang Chenhuan’s home was searched and 50 million in cash and nearly 200 million in cryptocurrencies were found! McLaren 720S supercar was also seized during the investigation.
Wang Chenhuan, the well-known president and CEO of ACE Exchange, was remanded in custody today. As a lawyer, he is involved in the “garbage coin fraud” and money laundering, which has shocked society. The Taipei District Court will hold a late-night detention hearing starting at 7 p.m. tonight.
The verdict is out. ACE President Wang Chenhuan, Li Linda who assisted in listing the garbage coins on ProEX and other exchanges, ACE Exchange technician Gao Weilun, Lin Shufen who assisted the fraud group in money laundering, and Lin’s daughter Xie Shijing are all suspected of being involved in a major crime. There are concerns of collusion, destruction of evidence, and fleeing. In the evening, Wang Chenhuan and the other two were sentenced by the judge to be detained and prohibited from meeting. The detention hearing for Li Linda and Gao Weilun is still ongoing.
Image source: Screenshot from Taipei District Court
The news of Wang Chenhuan’s remand and detention has shocked the legal community. However, as a senior lawyer in the industry with sufficient connections and possible financial support, he may request bail late at night or tomorrow (25th).
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News Update: ACE President Wang Chenhuan’s home was searched and 50 million in cash and nearly 200 million in cryptocurrencies were found! McLaren 720S supercar was also seized during the investigation.
Major news: ACE Exchange’s Wang Chenhuan arrested! As the managing partner of a law firm, he is embroiled in the “garbage coin fraud” case and has been remanded in custody, prohibited from meeting.