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

Troubled crypto exchange JPEX applies for deregistration in Australia after allegations of fraud.
JPEX allegedly solicited over $128 million from users before being reprimanded by Hong Kong regulators.
JPEX raised withdrawal fees to 999 USDT to prevent transfers out of the exchange.
JPEX published a compensation plan to reimburse users before its website went down.
JPEX claims third-party custodians "maliciously" froze assets during investigation by Hong Kong regulators.

cointelegraph.com

Relevant topic timeline:

9/18/2023

Crypto Exchange JPEX Faces Liquidity Crisis, Regulatory Warnings After Freezing Funds

Dubai-based cryptocurrency exchange JPEX blames third-party market makers for "maliciously" freezing funds, leading to a liquidity crisis necessitating higher withdrawal fees and suspended operations.

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.

9/25/2023

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

The masterminds behind Hong Kong's JPEX crypto exchange scandal remain at large, with over 2,265 complaints from victims and an estimated $178 million in losses, despite 11 people being questioned and several arrests made.