Hong Kong Police Enlist Interpol's Help in Tracking Leaders of JPEX Crypto Exchange

Hong Kong police seek Interpol's assistance in locating the leaders of JPEX, the crypto exchange involved in a major financial fraud. The exchange's withdrawal issues and rising complaints have led to losses estimating $178 million.

Posted 8 months ago in Blockchain


Hong Kong police collaborating with Interpol to track down the leaders of JPEX crypto exchange.

Hong Kong police are collaborating with Interpol to locate the masterminds behind the JPEX crypto exchange scandal. The scandal, considered the largest financial fraud in Hong Kong's history, has already resulted in 11 individuals being questioned. The police have received more than 2,265 complaints from victims, estimating the total losses to be around 1.4 billion Hong Kong dollars ($178 million). Most of the complaints are related to difficulties in withdrawing cryptocurrency from the platform. On September 15, JPEX increased its withdrawal fees to 999 USDT.

Several individuals have been taken into custody for questioning, including crypto influencer Joseph Lam Chok, three employees of JPEX Technical Support Company, and two YouTubers with a combined following of over 200,000. However, the ringleaders of the operation are still at large. The investigation is ongoing, and more arrests are expected in the near future. Additionally, local police have sought assistance from Interpol and other international enforcement agencies after identifying suspicious crypto transfers from JPEX. They have also requested local telecommunications providers to block access to JPEX's website.

The JPEX scandal came to light on September 13 when Hong Kong's financial regulator received over 1,000 complaints about the unregistered crypto exchange, amounting to losses of over 1 billion Hong Kong dollars ($128 million). The exchange closed some of its yield-bearing products and raised withdrawal fees, blaming third-party market-makers for freezing liquidity. The Securities and Futures Commission revealed that JPEX had been operating without a license for virtual asset trading. Despite claiming to be headquartered in Dubai and licensed in the US, Canada, and Australia, JPEX had been unregistered in Hong Kong.

The pursuit of the JPEX leaders continues as Hong Kong authorities strive to bring them to justice and compensate the victims of the massive crypto exchange scandal.

Last updated 9/24/2023, 11:15:54 PM

0
0
Flag
0 Views
8832c5ef-9764-4bd0-b80d-3cb19aacb7ee

Related Articles


Related Questions

News Letter

Subscribe to the CryptoCat.ai newsletter to stay updated with the latest cryptocurrency news, insightful articles, market trends, and more – delivered directly to your inbox!




Twitter

Is email too old school? Well you can get your news directly on twitter just by following us

https://cryptocat.ai