Electronic Ankle Monitor Secured, Bail Increased to 1.8 Million RMB! “This Asian Tycoon” Banned from Leaving the Country, All Assets Frozen

Taiwan’s well-known ACE crypto exchange was implicated in collusion with a fraud syndicate. At the end of April, the Taipei District Prosecutor’s Office completed its investigation and charged former ACE president and renowned lawyer Wang Chen-huan with organized crime, fraud, and money laundering.

After confessing, he was released on bail. On Tuesday (May 7th), the judge revisited the case and ruled to increase Wang's bail to 8 million TWD (approximately 1.8 million RMB). He was ordered to wear an electronic ankle monitor for eight months, and his travel, sea voyages, and residence are all restricted.

According to Taiwanese media, Wang disclosed that Jianye had terminated the authorization of the Bangkok branch, he had been removed from Jianye, and all of his concurrent directors and supervisors had resigned via letter. He also revealed that, although he owns four properties, all of them have been seized by prosecutors, and the properties still have a mortgage of 30-40 million TWD (approximately 6.68-8.91 million RMB), making them almost impossible to liquidate.

"My short-term income is zero, and I'm strapped for cash. I haven't even settled the investigation attorney fees yet," he said.

When asked by prosecutors about the electronic monitoring device, Wang replied, "Wearing an electronic monitor would create a psychological burden for me, but it's not because of my image. If the court believes this would provide reassurance, I will respect that."

He emphasized that with his current assets, fleeing is out of the question. He reiterated, "Fleeing is not an option for me, and I don't have the means to escape."

However, the prosecution was unconvinced by Wang's statements. As a prominent law firm director and president of ACE, Wang had significant influence but still engaged in leaking information, allowed his luxury residence to be used as a hideout for Lin Genghong, and helped modify the white paper and list unregulated decentralized exchanges. His criminal tactics were considered severe.

Prosecutors firmly stated that despite Wang’s and his defense attorney’s continuous plea for guilty confessions and bail, confession does not ensure there’s no risk of fleeing, colluding, or repeated offenses.

"This is a highly sophisticated crime, and the previous 4 million TWD bail was insufficient to enforce psychological restraint. Even if he's 'socially dead,' what would keep him in Taiwan instead of fleeing?" they added.

The prosecutors further argued that if Wang is granted bail, not only could he escape, but he could also continue directing criminal activities. They emphasized that Wang had profited over 100 million TWD in this case. As criminals should not retain illicit gains, bail should be raised to 70 million TWD (approximately 15.6 million RMB).

"The remaining 70 million TWD of illicit funds can be used as the bail amount, excluding what has already been seized. If he only wants to offer 1-1.5 million TWD, the court must detain him," the prosecutors added.

After intense debate, the court finally increased Wang’s bail to 8 million TWD, requiring him to wear an electronic ankle monitor for eight months and restricting his travel, sea voyages, and residence.

Wang swiftly gathered enough bail money and walked out of the court with a solemn expression. When reporters asked for his opinion on posting bail, he said he would brief everyone at an appropriate time.

The ACE fraud case has caused a sensation in Taiwan, with many victims falling into the trap. The exchange was accused of fraud in early January, using social media to promote worthless cryptocurrencies. Over the past three years, it is estimated to have illicitly gained more than 1 billion TWD, approximately 226 million RMB.