March 27, 2024
Hong Kong and Macau Police Seize $2.8M in JPEX Fraud Case
Latest Cryptocurrency News

Hong Kong and Macau Police Seize $2.8M in JPEX Fraud Case

Recent developments in the JPEX crypto exchange fraud case have seen arrests in Hong Kong and Macau, with authorities actively pursuing additional suspects.

On September 29, Radio Television Hong Kong reported the arrest of two Hong Kong men linked to the JPEX case. These individuals are accused of creating casino accounts in Macau to allegedly launder illegal funds. Subsequent to their arrest, law enforcement froze casino assets and confiscated cash valued at over 14 million Hong Kong dollars ($1.7 million).

In another development reported by the South China Morning Post, two more individuals were apprehended. One suspect was allegedly caught attempting to destroy potential evidence using paper shredders and bleach in an apartment’s bathtub. This brings the total number of detained suspects to 18. The police operation also resulted in the seizure of cash and gold worth 8.7 million HKD ($1.1 million) from three apartments.

The JPEX scandal originated when Hong Kong’s financial watchdog issued a warning against JPEX for operating in Hong Kong without the required licenses. Subsequently, the exchange raised its withdrawal fees to nearly $1,000, and its staff deserted their booths at the Token 2049 event in Singapore.

Throughout the course of the investigation, authorities have arrested various individuals connected to the case, including cryptocurrency influencers and JPEX employees. However, the masterminds behind the JPEX fraud scandal remain at large. Hong Kong police have sought the assistance of Interpol in their efforts to locate these suspects.

The JPEX scandal has emerged as one of the largest fraud cases in Hong Kong, prompting more than 2,300 complaints from victims and resulting in losses estimated at approximately $178 million. Hong Kong’s Secretary for Security, Chris Tang Ping-keung, has committed to ensuring justice for the victims and continuing the pursuit of those responsible.

Image by Freepik

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