The JPEX scandal, one of the nation’s largest fraud cases, has wreaked havoc with over 2,300 victims and losses exceeding $175 million. In a determined pursuit of justice, Hong Kong’s Secretary for Security, Chris Tang Ping-keung, has initiated a relentless crackdown on the perpetrators behind the JPEX crypto exchange fraud.
Uncovering the Culprits
During a press conference held on Wednesday, September 27, Tang Ping-keung, the head of security, revealed significant breakthroughs in the investigation. The Hong Kong police have already apprehended 12 suspects associated with the JPEX scam.
Their actions led to the confiscation of more than 8 million Hong Kong dollars ($1 million) in cash and assets valued at 77 million HK$ ($9.8 million), according to South China morning post’s report. This includes real estate holdings and digital currency reserves, as reported by the South China Morning Post.
Tang Ping-keung further emphasized the ongoing pursuit of the ringleaders behind this audacious crypto exchange fraud. Capturing these key individuals is deemed pivotal to resolving this extensive case and delivering justice to the victims.
JPEX’s Unauthorized Activities
The accused operators of the JPEX crypto exchange face allegations of orchestrating an unauthorized crypto platform, which resulted in substantial losses for numerous investors. Tang Ping-keung also conveyed the authorities’ commitment to collaborating with regulatory bodies to institute robust measures, preventing future occurrences of such fraud within the nation.
The crisis surrounding JPEX prompted 2,369 victims to voice their grievances, having lost their hard-earned funds due to their investments in this unregulated exchange. The collective financial impact of this catastrophe is estimated at a staggering 1.4 billion HK$ ($178 million).
In their pursuit of justice, the police have detained 12 individuals in connection with the case. Notably among them are three employees of JPEX Technical Support Company and two YouTubers, Chan Wing-yee and Chu Ka-fa.
Unraveling the Troubling Signs
Trouble within the JPEX crypto exchange came to light on September 15 when users began reporting difficulties in withdrawing their funds. As news of withdrawal issues gained traction, the platform resorted to an alarming measure by raising withdrawal fees to 999 Tether. This move was a desperate attempt to dissuade users from retrieving their funds, following a warning from regulatory authorities.