Hong Kong Police Arrest 11 Related to $178M Crypto Exchange Scandal, But Masterminds Still At Large

Police have arrested 11 people related to the alleged $178M JPEX crypto exchange scandal in Hong Kong, but masterminds remain at large.
Arrests include crypto influencers, YouTubers, employees, and celebrities who promoted JPEX.
JPEX raised withdrawal fees to 999 USDT before abandoning its booth at a Singapore crypto conference.
Hong Kong financial regulator received over 1,000 complaints of losses totaling $128M+ related to the unlicensed JPEX exchange.
JPEX claimed to oversee $2B in assets and aimed to become a top 5 global crypto exchange before allegations emerged.

cointelegraph.com

Relevant topic timeline:

9/20/2023

Crypto Exchange JPEX Faces Fraud Allegations, Applies for Deregistration in Australia After Raising Fees and Publishing Compensation Plan

The troubled Hong Kong crypto exchange, JPEX, has applied for deregistration in Australia after allegedly soliciting over $128 million from users before being reprimanded by the Hong Kong Securities and Futures Commission.

9/22/2023

Hong Kong Police Probe Alleged $166 Million Cryptocurrency Fraud at Unlicensed JPEX Trading Platform

Hong Kong police are investigating allegations of fraud against cryptocurrency trading platform JPEX after investors complained of HK$1.3bn ($166m; £134m) in losses, with eleven people, including popular influencers, being arrested in what could be one of Hong Kong's biggest fraud cases as the city positions itself as a global hub for virtual assets.

9/29/2023

Four More Arrested in Hong Kong Crypto Exchange Investigation, Regulators Tighten Controls

Four more people have been arrested in Hong Kong and Macau in connection with the JPEX crypto exchange scandal, bringing the total number of detentions to 18. One suspect was found destroying documents with paper shredders and bleach, and the incident highlights the need for strong crypto licensing laws.

10/5/2023

Hong Kong Forms Crypto Task Force After JPEX Exchange Scandal

The Hong Kong Police Force and Securities and Futures Commission have formed a working group to address illicit cryptocurrency exchange activities, particularly in response to the ongoing crypto scandal involving JPEX exchange, aiming to enhance monitoring, investigation, and collaboration on suspicious activities.

10/8/2023

Hong Kong Police Arrest 28th Suspect in $200 Million Cryptocurrency Scandal

Hong Kong police have made another arrest in connection with the JPEX cryptocurrency trading platform scandal, bringing the total number of arrests to 28, as the alleged financial fraud case involves HK$1.56 billion and 2,538 victims.

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Posted 9/25/2023, 2:48:14 AM