Security

JPEX

More than 70 people have been arrested so far in connection with the JPEX Exchange cryptocurrency scandal that led to the eventual loss of HK$1.6 billion. 
<h2 id="strong-hong-kong-tackling-biggest-financial-fraud-case-strong">Hong Kong Tackling Biggest Financial Fraud Case</h2> 
Local news outlet South China Morning Post reported the arrest of these suspects earlier on Thursday. According to an update offered by Hong Kong Police Commissioner Raymond Siu Chak-yee, these arrests were made on the Island.&nbsp; 
“The force has received 2,636 reports with regard to the case as of today, and the amount involved is about HK$1.6 billion,” he said. 
The case, which is emerging as Hong Kong’s biggest case of alleged financial fraud, started in September 2023 after Bitrace stated the possibility of Rugpull activities at JPEX Exchange.&nbsp; 
The exchange faced charges of involvement in a money laundering scheme. An internet celebrity was even arrested for endorsing the JPEX cryptocurrency exchange. Six other people were also <a href="https://coingape.com/hong-kong-police-investigate-jpex-exchange-after-4-3mn-in-complaints/">detained by Hong Kong authorities</a> including social media influencers who had appeared in adverts for the trading platform and set up their over-the-counter shops. 
Chan Wing-yee, Joseph Lam Chok, and Sheena Leung were some of the arrested individuals. There were over 83 complaints related to the exchange. These concerns forced the <a href="https://coingape.com/hong-kong-exchange-jpex-suspected-of-rugpull-regulators-tighten-rules/">Securities and Futures Commission</a> (SFC) to tighten regulatory rules for digital assets.&nbsp; 
The SFC named JPEX Exchange as an unlicensed platform that was involved in suspicious activities.&nbsp;In defense, JPEX contested the Hong Kong SFC’s charges, calling them premature and unsubstantiated. 
<h2 id="strong-72-suspects-linked-to-jpex-exchange-nabbed-thus-far-strong">72 Suspects Linked To JPEX Exchange Nabbed Thus Far</h2> 
At one point, Secretary for Security Chris Tang Ping-keung stated that assets worth $11 million had been seized in connection with the rugpull. By that time, a total of 12 suspects, inclusive of <a href="https://coingape.com/breaking-hong-kong-police-arrest-12-seize-11m-in-jpex-investigation/">JPEX Technical Support Company</a> employees and notable social media personalities, had been taken into custody. 
One of the most recent arrests was that of Chang Tung-Ying, the chief partner, and Shi Yu, an educator linked with <a href="https://coingape.com/jpex-executives-detained-amid-fraud-investigations/">JPEX Exchange</a>. All of these arrests have now totaled 72. A few of the implicated individuals have been released on bail&nbsp; 
Amidst the ongoing investigations, popular Taiwanese singer&nbsp;Nine Chen who was at a time associated with JPEX, was brought in to testify. All of these accusations did not stop the exchange from hitting users with exorbitant fees for virtual asset withdrawals. 
The post <a href="https://coingape.com/jpex-exchange-rugpull-suspects-nabbed-in-hong-kong/">JPEX Exchange Rugpull Suspects Nabbed In Hong Kong</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

JPEX Exchange Rugpull Suspects Nabbed In Hong Kong

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