Hong Kong Authorities Crack Down on Crypto Influencers Tied to JPEX: Report


19 Sep 2023 6:29 PM

The retrieval of JPEX's client assets is believed to be a difficult task....

  • The Hong Kong police have arrested six individuals in connection with the cryptocurrency trading platform JPEX, which closed down recently.
  • The arrests were made following 1,408 complaints of fraud related to JPEX.
  • Influencer Joseph Lam Chok, a former lawyer turned insurance broker, was among those arrested.
  • Law enforcement seized evidence, including a laptop and a sum of cash, with an estimated amount of HK$1 billion ($128 million) involved.
  • The Securities and Futures Commission (SFC) stated that JPEX relied on deceptive statements made by key opinion leaders (KOLs) and over-the-counter (OTC) shops to promote its services.
  • JPEX had offices and units in Dubai, Australia, and the United States, and ceased crypto transactions on its Hong Kong platform.


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How many individuals were arrested in connection with JPEX?What evidence was seized by the authorities?What was the estimated amount involved in the fraud?What did the Securities and Futures Commission (SFC) accuse JPEX of?Where did JPEX have offices and units?

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