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

CryptoPotato
CryptoPotato

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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