Two citizens, Chan Wing-yan and Herbert Lee Sun-him, have filed the first civil lawsuit against the cryptocurrency platform JPEX, seeking to recover approximately 240,000 units of tether, worth about HK$1.85 million. This marks the first civil lawsuit since the alleged fraud was uncovered nine months ago. The plaintiffs allege unauthorized transfers of their funds shortly…
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Source: Pixabay The Chief Executive of the Hong Kong Special Administrative Region, John Lee, has responded to the recent investigation into the unlicensed virtual-asset trading platform Hounax. On November 27, Chief Executive John Lee addressed the recent virtual platform supervision fraud and emphasized the importance of government supervision to protect investors and crack down on…
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The Hong Kong cryptocurrency exchange JPEX recently converted user funds to a native token known as JPC. According to JPEX, affected users will only be able to cash this token out after two years. One affected user said the crypto exchange did not inform them of the conversion rate used to complete this transaction. Conversion…
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Law enforcement officials and financial regulators in Hong Kong have teamed up to better identify illegal activities on cryptocurrency exchanges. The initiative, which comes in the wake of the crackdown on the JPEX exchange, seeks to improve coordination between the government agencies in similar investigations in the future. Hong Kong’s Financial Watchdog Announces Working Group…
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Hong Kong’s troubled crypto exchange JPEX has announced plans to move forward with its DAO Stakeholder Dividend Plan. This decision comes amid the ongoing investigation into the financial scandal worth over HK$1.5 billion ($191 million) and the arrest of multiple suspects associated with the platform. The unfolding scandal first came to light when Hong Kong’s…
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The joint group was established in light of the ongoing crypto scandal in Hong Kong involving the JPEX crypto exchange. The Hong Kong Police Force (HKPF) and the Securities and Futures Commission (SFC) have set up a crypto-focused working group to deal with illicit crypto exchange activities. In an Oct. 4 statement, the SFC said…
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In a recent development, police in Hong Kong and Macau have apprehended four more individuals linked to the ongoing JPEX crypto exchange case, as reported by the South China Morning Post on Friday. Of the four arrests, two took place in Hong Kong, while Macau Police made the remaining two. This brings the total number…
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Hong Kong’s financial watchdog confirmed Monday that it would publish the list of cryptocurrency trading firms that have applied for licenses to operate in the Chinese territory, in the wake of the JPEX scandal. The Securities and Futures Commission (SFC) will reveal the list following public demand, Julia Leung Fung-yee, CEO of SFC, said during…
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In response to the ongoing HK$1.3 billion scandal in which Hong Kong police have asked telecom service providers to block access to JPEX’s website, resulting in the arrest of three additional individuals suspected of conspiracy, JPEX has put forth a new dividend plan for its investors…. Read More: JPEX Floats “DAO Stakeholder Dividend Plan” for…
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A fraud investigation of cryptocurrency exchange JPEX in Hong Kong has led to the shutdown of some trading activities on the platform, the arrest of multiple people, and increased regulatory scrutiny of the entire crypto sector. “This incident highlights the importance that when investors want to invest in virtual assets, then they must invest on…
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