Large-scale fraud exposure
Date: 2024-04-19 Author: Oliver Abernathy Categories: IN WORLD
Hong Kong bloggers under investigation
Hong Kong police have made a number of arrests as part of an investigation into massive fraud on the JPEX cryptocurrency exchange. Among those detained were bloggers who promoted JPEX on their platforms and created their own illegal exchange services.
Defrauded clients and confiscated funds
Police confiscated funds totaling HKD 228 million ($29.37 million) and received several thousand complaints from affected JPEX customers. The total damage is estimated at HKD 1.6 billion ($204.3 million).
Exchange under strict supervision
JPEX came under government scrutiny in the fall of 2023 when it was accused of illegal activities and inflated withdrawal fees. The liquidity crisis forced the exchange to suspend operations on its JPEX Earn service.
Hong Kong's Finance Minister assured that problems with JPEX will not affect the government's plans to regulate cryptocurrencies in the region.
