After months of inactivity, Hong Kong police authorities have begun to freeze assets totaling over US$29 million associated with JPEX, a crypto exchange that collapsed in September 2023. In another swift move, the police made further arrests, bringing the total number of individuals connected to JPEX, including employees and social media influencers, to 72. According […]
The post Hong Kong Police Act Swiftly Against $403m Crypto Exchange Fraud appeared first on Coin Edition.
- Hong Kong police freeze assets totaling over US$29 million linked to JPEX.
- 72 individuals have been arrested concerning JPEX.
- Despite ongoing investigations, the identities and locations of those behind JPEX remain unverified.
After months of inactivity, Hong Kong police authorities have begun to freeze assets totaling over US$29 million associated with JPEX, a crypto exchange that collapsed in September 2023.
In another swift move, the police made further arrests, bringing the total number of individuals connected to JPEX, including employees and social media influencers, to 72. According to Police Commissioner Raymond Siu, more than 2,600 individuals suffered losses estimated to be US$206 million due to their involvement with JPEX.
However, the authorities have not verified the identity or location of the individuals or entities behind the defunct exchange. As a result, no charges have been filed in connection with the case. Siu revealed that back in 2023, crypto-related fraudulent activities accounted for over half of the US$764 million investment losses.
The Securities and Futures Commission (SFC) of Hong Kong has taken necessary steps to address…
The post Hong Kong Police Act Swiftly Against $403m Crypto Exchange Fraud appeared first on Coin Edition.
