ACE Fraud Case Major Breakthrough: Bail for 3 Main Suspects Including Lin Ruoqiao Rises Further, Electronic Ankle Monitoring Implemented

The court has recently made a major ruling, re-evaluating the bail amounts for the three main defendants involved in the ACE trading platform virtual currency scam case. Among them, Ruoqiao Lin’s bail has been increased to 30 million yuan, Yizhang Pan’s to 20 million yuan, and Genghan Lin’s to 8 million yuan. The three must each pay these amounts to be released on bail. At the same time, the court has strengthened monitoring measures, requiring all three to wear electronic ankle monitors 24 hours a day and to check in regularly via designated mobile phones.

Case Development Milestones: From Indictment to Second Ruling

In April, the Taipei District Prosecutors Office announced the completion of its investigation, formally indicting 32 defendants led by the scam organization’s mastermind, Genghong Lin, and requesting sentences of over 20 years for key suspects. Prosecutors accused the organization, starting in 2019, of using platforms like ACE and ProEx to sell false virtual currencies, including MOCT, CSO, FITC, and NFTC, on a large scale. The scam involved fabricating white papers, releasing false news, and manipulating currency prices, resulting in over 1,500 victims and illegal gains exceeding 800 million yuan, with money laundering involving up to 2.2 billion yuan.

After transferring the case to the Taipei District Court for trial, and as the detention period was nearing its limit, the court issued its first bail decision for the main defendants in mid-July. At that time, Pan Yizhang, Ruoqiao Lin, and Genghan Lin all expressed willingness to accept electronic monitoring. The court approved their bail and restricted their travel abroad and overseas.

Prosecutor’s Appeal Triggers Second Hearing

Dissatisfied with the initial bail ruling, the prosecution immediately appealed to the High Court, arguing that the original decision did not adequately explain how the bail amounts would effectively prevent flight. They emphasized that the case involved 1,574 victims and nearly 1 billion yuan in fraud, with the three defendants facing substantial civil claims and a clear risk of fleeing. Additionally, prosecutors pointed out that all three deny the crimes and that some co-conspirators have not yet appeared in court, raising concerns they might collude before cross-examination.

The High Court reviewed the case and found errors in the initial ruling. It noted that the virtual currencies and blockchain-related scam proceeds were roughly estimated at 796.73 million yuan. The three defendants are central figures in the criminal organization, and the original bail amounts were disproportionate. The court also criticized the initial decision for not requiring the defendants to report regularly to designated authorities, deeming the supervision measures inadequate. The case was thus remanded to the Taipei District Court for a revised ruling.

Second Hearing at Taipei District Court: Significantly Increased Bail

In late July, the Taipei District Court held a second hearing to review the detention status. The court acknowledged that the defendants’ lawyers had submitted complete responses and raised objections to the evidence presented in the indictment, indicating significant progress in the case. Since the defendants showed a “positive attitude toward the proceedings” and there was no evidence of deliberate delay, the court considered the risk of flight to be “slightly reduced.”

Based on these considerations, the court decided to maintain bail but substantially increased the bail amounts. Ruoqiao Lin’s bail was raised from 16 million to 30 million yuan, Yizhang Pan’s from 15 million to 20 million yuan, and Genghan Lin’s from 2 million to 8 million yuan. Monitoring measures were also strengthened, requiring the defendants to check in daily via their designated mobile phones and prohibiting contact with witnesses or other defendants. Violations would result in re-arrest.

Electronic Monitoring and Check-in System

Upgrading electronic monitoring devices was a key focus of this ruling. In addition to wearing ankle monitors, the daily check-in system aims to enhance supervision. This approach addresses the prosecution’s concerns about flight risk and aligns with the High Court’s directive for more appropriate oversight. Existing restrictions on leaving the country or residence remain in place.

Other Defendants’ Latest Status

Another significant defendant, former ACE president and well-known lawyer Wang Chenhuan, was finally ordered by the court in May to pay bail of 8 million yuan, wear an electronic ankle monitor for 8 months, and be restricted from leaving the country, overseas travel, and residence. Since posting bail, Wang has rarely appeared publicly, and his recent activities are seldom reported.

The case remains subject to appeals to higher courts, and subsequent developments are worth watching.