Hong Kong Security Chief Promises Justice in JPEX Cryptocurrency Exchange Scam
Summary:
Hong Kong's Security Chief, Chris Tang Ping-keung pledges to seek justice for victims of the JPEX cryptocurrency exchange scam. Authorities aim to apprehend principal perpetrators behind the fraud, described as the country's largest digital asset scam. To date, police have detained 12 individuals and seized $1 million in cash and $9.8 million in assets, including property and cryptocurrency. The total estimated loss suffered by investors is around $178 million. Measures are being planned with regulators to prevent such deceptive activities in the future.
Chris Tang Ping-keung, Hong Kong's security chief, has pledged to seek justice for those who have fallen prey to a fraudulent scheme by JPEX, a cryptocurrency exchange, according to local news outlets. Authorities are exerting efforts to identify and apprehend the principal perpetrators behind the county's most significant digital currency scam linked to the JPEX exchange. In a press briefing on September 27, Tang shared that law enforcement has so far detained 12 individuals, confiscating over a million dollars in cash, and assets valued at approximately $9.8 million, featuring both physical properties and cryptocurrency, based on a report by the South China Morning Post. He emphasized that apprehending the core offenders is a crucial part towards resolving the fraud case. JPEX's management is being accused of operating an illegal cryptocurrency exchange and swindling clients out of millions of dollars. He further noted that they are liaising with regulatory bodies nationally to institute preventative measures against similar fraudulent activities in the future. Hong Kong police have received 2,369 reports from individuals who sustained financial losses after investing in the unregulated exchange platform. The total monetary loss is estimated to be about $178 million. A total of 12 arrests have been made so far, including three staff members of JPEX Technical Support Company and two YouTube personalities, Chan Wing-yee and Chu Ka-fa. The first indications of problems with JPEX came to light on September 15 when numerous users experienced difficulties in withdrawing funds. As word of the withdrawal issues spread, the company notoriously hiked its withdrawal rates to 999 Tether after regulatory bodies sounded an alert, seemingly in an attempt to discourage users from withdrawing their funds.
Published At
9/27/2023 12:17:26 PM
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