Hong Kong Police Launch Extensive Probe Into JPEX Scandal With HK$1.2 Billion At Stake

Key Points:

• Hong Kong Police investigate JPEX case, suspecting conspiracy to defraud with an estimated HK$1.2 billion involved.
• Authorities have arrested eight individuals, including the owner of an over-the-counter exchange shop, following reports from 1,641 potential victims of the alleged fraud.

According to the Hong Kong Police, the JPEX case is being investigated for possible involvement in a conspiracy to defraud, and the total sum at stake has reached HK$1.2 billion.

Hong Kong authorities have escalated their investigation into the JPEX virtual asset trading platform, with suspicions of conspiracy to defraud. Senior Superintendent Kong Qingxun of the Commercial Crime Investigation Bureau stated that JPEX allegedly used a multi-pronged approach, including advertising, social media, and collaborations with internet influencers, to promote off-site transactions. The platform actively marketed its services with the promise of “high risk and low return,” luring unsuspecting investors.

In response to the case, the Hong Kong Police established a dedicated hotline for potential victims to report their losses promptly. As of midnight, they had received a staggering 1,641 reports, involving a total of HK$1.2 billion.

Despite warnings from regulatory bodies such as the China Securities Regulatory Commission, JPEX reportedly raised its withdrawal limit to 999 USDT, effectively trapping users’ funds. In response, law enforcement authorities took swift action, leading to the arrest of eight individuals, including the owner and operator of an over-the-counter exchange shop.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.