JPEX

Over the past three years, the number of crimes involving virtual assets in Hong Kong has almost tripled. 
According to <a href="http://www.aastocks.com/sc/stocks/news/aafn-con/now.1327753/latest-news" target="_blank" rel="noreferrer noopener">a local media report</a>, Financial Services and Treasury Minister Hui Ching-yu said that the Hong Kong Securities and Futures Commission (<a href="https://crypto.news/tag/SFC/" target="_blank" rel="noreferrer noopener">SFC</a>) in the past three years (from 2021 to 2023), the total number of crimes involving virtual assets was 1,397, 2,336 and 3,415 cases worth 824 million, 1.704 billion and 4.398 billion yuan. 
Regarding the number of people arrested and prosecuted, the police will only consolidate the relevant figures for specific cases based on individual circumstances. For example, in the <a href="https://crypto.news/tag/JPEX/" target="_blank" rel="noreferrer noopener">JPEX</a> case, police have arrested only 70 people, and no one has yet been charged. 
 You might also like: <a href="https://crypto.news/hong-kongs-confidence-in-crypto-sours-amid-jpex-scandal/"> Hong Kong’s confidence in crypto sours amid JPEX scandal </a> 
In addition, as of Feb. 2 this year, the SFC and the police have shared intelligence on more than 100 platforms for trading virtual assets or activities related to virtual assets. The <a href="https://crypto.news/tag/SFC/" target="_blank" rel="noreferrer noopener">SFC</a> and the police will decide whether a special investigation into complaints about individual trading platforms and activities is necessary based on a basket of factors, including whether there is a connection to Hong Kong, whether there are violations of relevant laws, the number of people involved and the amount involved, etc. 
The scam around the JPEX cryptocurrency exchange became the central scam of last year in Hong Kong. JPEX suspended operations amid a liquidity crisis, and the <a href="https://crypto.news/tag/SFC/" target="_blank" rel="noreferrer noopener">SFC</a> launched a significant investigation. The police have received thousands of complaints from affected customers, whose total losses exceeded $152 million. 
Authorities have <a href="https://crypto.news/hong-kong-police-arrest-11-people-in-ongoing-jpex-crypto-investigation/" target="_blank" rel="noreferrer noopener">detained</a> eight suspects involved in the alleged fraud. Law enforcement officials have already <a href="https://crypto.news/hong-kong-police-retrieve-11m-in-assets-from-jpex-investigation/" target="_blank" rel="noreferrer noopener">blocked</a> their accounts for $1.9 million and seized property worth $5.6 million. 
 You might also like: <a href="https://crypto.news/taiwan-detains-key-jpex-executives-amidst-fraud-investigation/"> Taiwan detains key JPEX executives amidst fraud investigation </a>

Number of crypto crimes in Hong Kong tripled in 3 years

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