According to local media reports, Hong Kong Secretary for Security Tang Ping-keung has vowed to bring victims of the JPEX cryptocurrency exchange fraud case to justice. In a press conference on Wednesday, September 27, the Office of the Security Chief said that police are actively searching for the main operator behind the JPEX cryptocurrency exchange, which orchestrated the largest digital asset fraud in the country.
Deng Bingqiang revealed at the press conference that the police have arrested 12 people in this case so far and seized more than HK$8 million (US$1 million) in cash and assets worth HK$77 million (US$9.8 million). ), including real estate and digital currency, according to A report by the South China Morning Post.
Tang added that police are actively searching for the main culprits in the case, calling their arrest an important factor in solving the case.
The operator of the JPEX cryptocurrency exchange has been accused of running an unauthorized cryptocurrency platform and defrauding customers out of millions of dollars. Tang also told the media that they are working with national regulators to develop specific measures to avoid such fraud in the future.
Local police in Hong Kong received 2,369 complaints from victims who lost their hard-earned money by investing in unregulated exchanges. The total monetary value of the incident is estimated to be approximately HK$1.4 billion (US$178 million).
The police have arrested 12 people in connection with the case, including three employees of JPEX Technical Support Company and two YouTubers Chen Yongyi and Zhu Jiafa.
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The first sign of trouble related to JPEX appeared on September 15, when some users complained of difficulty withdrawing funds. As news of withdrawal issues grew, the platform increased withdrawal fees to 999 Tether to discourage users from withdrawing funds following a warning from the regulator.
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