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JPEX

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 <p class="is-style-lead">The Secretary for Security of Hong Kong, Chris Tang Ping-keung, has pledged to address the JPEX crypto exchange fraud, which is being called the country’s most significant digital <a rel="dofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> deception.</p> 
 <p>The seriousness of the matter was brought to light in a press conference held on Sep. 27.</p> 
 <p>According to local reports, authorities have already made significant headway. Twelve individuals have been apprehended, and <a rel="dofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s worth over 85 million HK$ ($10.8 million), comprising cash and other <a rel="dofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s like real estate and digital currency, have been seized.</p> 
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    <p lang="en" dir="ltr">Hong Kong security chief vows to hunt down ringleader of crypto platform JPEX https://t.co/eBk2tonQTC</p>— South China Morning Post (@SCMPNews) September 27, 2023
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 <p>Of the arrested, three were associated with JPEX Technical Support Company, while two notable YouTubers, Chan Wing-yee and Chu Ka-fa, were also implicated.</p> 
 <p>The scandal revolves around JPEX, a crypto exchange, which allegedly operated without authorization and deceived customers, leading to losses of millions of dollars. </p> 
 <p>Hong Kong’s local <a rel="dofollow" title="police" href="https://thebittimes.com/tag/police.html">police</a> documented a staggering 2,369 complaints from distraught individuals who had invested their funds in this unregulated exchange. </p> 
 <p>The financial impact of this debacle is estimated to be around 1.4 billion HK$ ($178 million).</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Hong Kong police arrest 11 people in ongoing JPEX crypto investigation 
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 <p>Trouble for JPEX was first flagged on Sep. 13 when the Securities and Futures Commission (SFC) cautioned against unregulated crypto trading on the platform. </p> 
 <p>Matters took a more dubious turn when, amid these complaints and subsequent regulatory warnings, the exchange hiked its withdrawal fees to 999 USDT, a move perceived as a tactic to discourage users from withdrawing.</p> 
 <p>During his media address, Tang highlighted the ongoing endeavors to apprehend the main perpetrators of the scam, underscoring the significance of capturing these ringleaders to effectively address the case.</p> 
 <p>Furthermore, Tang conveyed that collaborative efforts with the country’s regulators are currently in progress, with the clear aim of instituting rigorous measures to prevent any future instances of fraudulent activities.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Hong Kong plans to flag suspicious crypto platforms amid JPEX scandal 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/hong-kong-police-retrieve-11m-in-assets-from-jpex-investigation-tbt64212.html">https://thebittimes.com/hong-kong-police-retrieve-11m-in-assets-from-jpex-investigation-tbt64212.html</a></p>

Hong Kong police retrieve $11M in assets from JPEX investigation

TheBitTimes

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