A Hong Kong-based social media influencer has reportedly been arrested in connection with the liquidity crisis at the crypto exchange JPEX, following investigations that linked them to the exchange’s troubles.
According to a report from the South China Morning Post, Joseph Lam, known as ‘jolamchok’ on Instagram, was arrested by Hong Kong police due to his alleged association with JPEX. The report also indicates that his office was searched, and various pieces of evidence, including a bag of banknotes, were seized.
Local reports suggest that the Securities and Futures Commission of Hong Kong has recently issued a statement placing blame on JPEX for actively promoting its services and products to the Hong Kong public through online influencers and over-the-counter money changers. There are unconfirmed reports that Lin Zuo presented “schemes” to a chat group focused on cryptocurrency investments. One individual, Miss Chen, is said to have been convinced to invest $12,800 (100,000 Hong Kong dollars) in crypto. According to reports:
“He (Lin Zuo) from time to time claimed in the group that people kept looking for him to “pay money,” threatened that “the amount of money on these two days is five times the usual.”
On September 17, Lam shared a news article asserting that he “was not involved in the JPEX incident,” and he captioned it with the phrase “Whatever doesn’t kill you makes you stronger.” This statement was made prior to Lam’s meeting with the police, where he was accompanied by his legal representatives to provide the necessary information.
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