Thousands Fall Victim to Unlicensed HK Crypto Platform JPEX's High-Return Scam

JPEX was a cryptocurrency platform in HK that aggressively promoted itself through ads and celebrity endorsements. It promised high returns but was unlicensed.

JPEX's native token JPC could only be traded on its platform. Police have arrested influencers promoting it and frozen related assets.

Investors were recruited through crypto OTC shops and influencers. Over 2,000 people have filed complaints claiming to be victims.

Regulator SFC had warned about JPEX but did not name it until recently. New rules to regulate crypto platforms took effect in June.

JPEX hit back at regulators and touted a new dividend plan. Its backers are anonymous. Critics say SFC should expand oversight of OTC shops.