Hong Kong police recover $11 million worth of assets in JPEX case: report ScrgruppEn

Hong Kong Security Minister Chris Tang Peng-keung has pledged to seek justice for people who fell victim to fraud on the JPEX cryptocurrency exchange, local media reported. In a press conference on Wednesday, September 27, the Office of the Chief of Security said that police are actively searching for the main operators behind the JPEX cryptocurrency exchange that organized the largest digital asset scam in the country.

During the press conference, Tang Pingkeong revealed that police have arrested 12 people in the case so far and seized more than HK$8 million (US$1 million) in cash, as well as assets worth HK$77 million (US$9.8 million). ), including real estate and digital currency, According to In a report by the South China Morning Post.

Tang added that police are actively searching for the leaders of the case and described their arrest as a key factor in solving it.

Cryptocurrency exchange operators JPEX are accused of running an unauthorized cryptocurrency platform and defrauding customers of millions of dollars. Tang also informed the press that they are working with the country’s regulators to establish specific procedures to avoid any 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 the unregulated stock exchange. The total monetary value of the fallout is estimated at approximately HK$1.4 billion (US$178 million).

Police have arrested 12 people in the case, including three employees of technical support company JPEX, along with two YouTubers, Chan Wing Yi and Chu Ka Fa.

Related: Hong Kong Securities Commission issues in-principle approval for HKVAX

The first signs of problems with JPEX appeared on September 15 when several users complained about difficulty withdrawing funds. As news of withdrawal issues gained momentum, the platform raised withdrawal fees to 999 Tether to deter users from withdrawing funds following a warning from regulators.

Deposit risks: What Do Cryptocurrency Exchanges Really Do With Your Money?