Taiwan prosecutors want Chang Tung-ying, chief partner at JPEX’s office in Taiwan, to be held in custody over alleged fraud. The saga of the imploded cryptocurrency exchange JPEX continues to develop as Taiwanese prosecutors have...
The saga of the imploded cryptocurrency exchange JPEX continues to develop as Taiwanese prosecutors have reportedly found new alleged suspects.
Other defendants were released, including JPEX salespersons Liu Chien-fu and Niu Keng-sheng. According to the report, Liu was released on bail of 50,000 new Taiwan dollars ($1,550), while Niu, a registered person in charge of JPEX Taiwan, was released after questioning.
The report also noted that Nine Chen, a Taiwanese celebrity and singer who once represented JPEX as a brand ambassador, was also summoned by prosecutors. Prosecutors reportedly named Nine Chen as a defendant after initially calling him to testify as a witness.
Once a successful crypto exchange, JPEX abruptly halted some services in mid-September 2023, citing a liquidity crisis triggered by “unfair treatment” from several institutions in Hong Kong. The abrupt implosion fueled allegations about JPEX misleading investors by claiming to have applied for a crypto trading license and other issues.
As of Sept. 25, law enforcement has arrested at least 11 alleged suspects in the JPEX case, while the alleged masterminds are still at large.