JPEX Crypto Exchange Assets Frozen by Hong Kong Police Over Alleged Fraud

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In Hong Kong, the JPEX case has resurfaced, causing ripples of surprise among cryptocurrency enthusiasts. Following a lengthy hiatus, authorities have seized assets valued at more than US$29 million that are connected to the failed exchange. Several prominent individuals have been taken into custody, and probes are still underway. These developments have sparked renewed anxiety about fraud in the digital currency sector.

JPEX Crypto Exchange Assets Frozen in Hong Kong Over Alleged Fraud

Hong Kong police have taken a major step in their investigation by seizing over $29 million worth of assets connected to collapsed cryptocurrency exchange JPEX. This announcement comes after a series of arrests, including Chang Tung-Ying, the chief partner, and Shi Yu, an educator associated with the exchange. With these latest detentions, the number of people taken into custody now stands at 72.

In an unexpected development, Nine Chen, a renowned Taiwanese singer who was previously connected to JPEX, has been summoned to testify in ongoing investigations. Amidst growing allegations, JPEX Exchange continues to defend its contentious policy of charging steep fees for virtual asset withdrawals, causing distress among affected users.

Impact of JPEX Collapse on Victims and Anti-Scam Measures in Hong Kong

After JPEX’s failure, over 2,600 people have reportedly lost approximately US$206 million, according to Police Commissioner Raymond Siu. This incident has led to numerous scam warnings throughout Hong Kong. Warnings can be found in public areas and even on mobile networks like China Mobile HK, alerting users of potential fraudulent activities.

In 2023, Singapore reported a significant decrease in crypto-related scams compared to the previous year, with an estimated US$479 million lost. However, this represents a concerning trend in Asia’s crypto market, where fraud cases continue to pose a major challenge. Authorities are currently probing the JPEX case and working tirelessly to expose the extent of the alleged fraud and bring those involved to justice.

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2024-04-22 16:19