ACE Exchange CEO and former managing partner of Chien Yeh & Wang Law Firm, Wang Chenhuan, who was implicated in a cryptocurrency scam earlier this year, has recently been exposed by the media for more spicy details of the investigation process. Prosecutors suspect that the establishment of the firm’s branch in Thailand at the beginning of the year is related to the scam group, and the “ghost lawyer” Wang Chenhuan, who is suspected of money laundering, has become the focus of the investigation regarding the flow of funds.
In January of this year, ACE, one of Taiwan’s three major cryptocurrency exchanges, was involved in a cryptocurrency scam, and the illegal proceeds of the fraud group exceeded 1 billion TWD over the past three years, shocking Taiwan’s cryptocurrency and legal industries. In addition to ACE co-founder and former chairman Pan Yizhang being arrested in advance, Wang Chenhuan, who took over as ACE CEO and head in September last year, and was also the former managing partner of Chien Yeh & Wang Law Firm, was soon detained and prohibited from meeting. The prosecutors found over 180 million TWD in cash and over 290 million TWD worth of cryptocurrencies in his and his accomplices’ residences, totaling 470 million TWD in illegal gains.
Today, Mirror Weekly reported more shocking details about Wang Chenhuan’s transformation from a successful lawyer to an accomplice in money laundering for the fraud group. This includes hiding a large amount of stolen money in a temple in Yilan, creating the first case of money laundering through religion in Taiwan, and how the prosecutors accidentally captured Lin Genghong, the wanted leader of the fraud group, in Wang’s luxurious mansion.
According to the report, Wang Chenhuan, who is currently the managing partner of Chien Yeh Law Firm and the CEO of ACE, established the firm’s only overseas branch in Bangkok’s financial district in January this year, and even named it “CHIEN YEH & WANG LAW OFFICES”. The investigation conducted by the magazine revealed that Wang started preparing for the branch in the third quarter of last year, coinciding with his appointment as ACE CEO in September. The prosecutors suspect that the Bangkok branch is related to the fraud case and may have become a base for fraud established by Wang in Thailand. They are now focusing on investigating the source of funds for the Thai branch and whether it is linked to the fraud group.
Wang Chenhuan, who graduated from the law department of National Taiwan University, became the managing partner of Chien Yeh Law Firm at a young age and also served as the president of the professional legal publication “Contemporary Law” and frequently published legal opinions. He had a professional and fresh image. At the beginning of the year, he was invited to host a virtual currency legal seminar. However, after being arrested, the organizers had to urgently find a replacement, and Chien Yeh Law Firm quickly cut ties and replaced him as the managing partner, removing all introductions about Wang from their official website.
According to the investigation, Wang Chenhuan, who is praised as an “exemplary lawyer,” ultimately fell into the hands of prosecutor Chen Wenjin, who was eight months pregnant. So far, 12 people have been detained in this case. During the second wave of actions, the prosecutors found nearly 50 million TWD in cash in Wang Chenhuan’s residence, with banknotes scattered everywhere in the hallway cabinet.
The special task force found that Wang Chenhuan, who comes from a civil servant family, has an annual salary of nearly tens of millions TWD, drives a Maserati for commuting, and has bought six luxury homes and pre-sale houses in Taipei, New Taipei, and Taichung in recent years. The McLaren sports cars under Wang’s name have been confiscated by the prosecutors. The investigators suspect that Wang may have another financial backer behind him and may have collaborated with the fraud group in money laundering. The related fund flow has become a focus of the investigation.
It is worth noting that the magazine also revealed that during the search of Wang Chenhuan’s residence, the prosecutors found the keys to the luxury house in Xindian, New Taipei, belonging to Lin Ruocuo, the mastermind of the “Qianqiao Team,” who was indicted for scamming 220 million TWD with garbage coins such as IBCoin. Wang had previously served as Lin Ruocuo’s defense lawyer.
During the search of the Xindian luxury house under Wang’s name, the special task force unexpectedly captured Lin Genghong, the wanted leader of the Qianqiao Team, who had been on the run for over two years and had self-proclaimed as the “God of the System.” The investigation by Mirror Weekly pointed out that Wang Chenhuan, as Lin Ruocuo’s lawyer, must have known that co-defendant Lin Genghong was wanted, but he violated his lawyer’s duty and assisted in hiding Lin Genghong. The special task force reviewed the surveillance cameras in the community and found that members of the fraud group frequently gathered there, making it like their headquarters.
After the IBCoin scam was uncovered by the police, Lin Genghong attracted investors to invest in garbage coins such as MOCT using the same pyramid scheme, and formed a fraud group with ACE co-founder Pan Yizhang. He also sought the assistance of Wang Chenhuan in money laundering. The special task force suspects that Wang Chenhuan saw the huge profits of the fraud group during this period and gradually took over the role of Lin Genghong, transitioning from a defense lawyer to the head of the fraud group.
Furthermore, the fraud group organized by Wang Chenhuan is also suspected of using the temple to hide a large amount of stolen money, creating the first case of money laundering through religion in Taiwan. The special task force investigation revealed that Lin Genghong hid 30 million TWD in cash, which was obtained through scams, in suitcases and stored them in Lianchi Temple in Zhuangwei, Yilan. He instructed the female abbot Lin Shufen to “keep this money for now.” This conversation exposed their intentions, and the female abbot claimed that she “couldn’t refuse donations from believers, and the other party donated money to eliminate negative karma.” As a result, both she and her daughter, who was the accountant of the temple, were detained.
According to the investigation, Lianchi Temple had claimed to use blockchain to create a 3D space and allow more people to get close to Buddhism through the metaverse. Most of the believers were students or young professionals under 30 years old from other areas. A local resident said that the Buddhist music played in the temple had a novel and lively style, similar to pop music, and local residents felt that it was strange and suspected its connection to fraud.
ACE Exchange CEO and head Wang Chenhuan is currently still detained and prohibited from meeting.