Ringleaders behind JPEX cryptocurrency exchange fraud still at large

Ringleaders behind JPEX cryptocurrency exchange fraud still at large

Another crypto exchange succumbs to the greed of a few criminals

The leaders of the JPEX crypto exchange are still on the run, and Hong Kong police have enlisted Interpol’s help to locate the suspects.

The masterminds behind the crypto exchange scandal, said by many to be the biggest financial fraud ever to hit Hong Kong, have dodged police since 11 others were detained for questioning related to the case.

Police have received over 2,265 complaints from alleged scandal victims, according to a report published on September 23 by the South China Morning Post. The total monetary value of the scam is estimated to be about HKD1.4 billion (US$178 million).

The complaints started when customers had difficulties making crypto withdrawals from the platform after the exchange raised its withdrawal fee to 999 Tether on September 15.

Those taken into custody include crypto influencer Joseph Lam Chok, who has publicly made numerous efforts to distance himself from JPEX. Three JPEX Technical Support Company employees and two YouTubers, Chu Ka-fai and Chan WIng-yee, who have over 200,000 combined followers, were also taken into custody.

The JPEX exchange’s sole director, Kwok Ho-lun, and three celebrities who supposedly promoted JPEX in the past are also being sought for questioning.

The Securities and Futures Commission (SFC) said in a September 20 statement that JPEX had been conducting virtual asset trading without a proper license.

The JPEX official website shows the company is headquartered in Dubai and claims it’s licensed to conduct crypto trading in the US, Australia and Canada. The company launched in 2020 and claimed to oversee some $2 billion in assets, with a goal of being among the top five crypto exchanges in the world.

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