JPEX Fraud Case: 30 More People Arrested, Totaling 66 So Far

November 27, 2023 - Swift developments unfold in the financial fraud case surrounding the JPEX virtual asset trading platform as 30 additional suspects are arrested, bringing the total to 66 and marking it as the largest scam in Hong Kong's financial history.

As of now, all detained individuals have been granted bail, awaiting further investigation. According to regulations, they are required to report to the police between late December and late January.

The JPEX case is a major financial fraud incident primarily occurring in Hong Kong. The Jade Stone Digital Asset platform (JPEX) claims to be a global digital asset and encrypted trading platform established in 2020. However, in September 2023, the Hong Kong Securities and Futures Commission identified multiple suspicious aspects of JPEX. Subsequently, users reported difficulties withdrawing funds, leading the Hong Kong police to take action in September of the same year, arresting individuals involved.

JPEX operates in both Hong Kong and Taiwan, with its official website claiming its operational headquarters are in Dubai, United Arab Emirates, and plans to establish a research and development headquarter in Sydney, Australia. However, JPEX is not registered or approved to operate in the relevant countries.

JPEX在香港进行了大量实体广告投放，并通过演艺圈和网络红人力推其平台币JPC，声称能够获得近20%的Responsibilities of primary dealers in the interbank foreign exchange market高年息。早在2022年7月，JPEX就被香港证监会列入无牌公司及可疑网站名单，China's top ten companies that earn the most foreign exchange然而当时未采取进一步行动。到了2023年9月，香港警方开始采取行动，逮捕了包括宣传JPEX的网络红人在内的多名人士。此外，香港警方要求封锁JPEX网站和应用程序，并在10月4日宣布实施“DAO持份者分红方案”，但多数客户仍然无法提款。

The platform extensively advertised in physical spaces in Hong Kong and heavily promoted its platform currency, JPC, through the entertainment industry and online influencers, claiming to yield nearly 20% annual interest. As early as July 2022, JPEX was listed by the Hong Kong Securities and Futures Commission as an unlicensed company and a suspicious website, though no further action was taken at the time. By September 2023, Hong Kong police initiated actions, arresting multiple individuals, including influencers promoting JPEX. Additionally, the police requested the blocking of JPEX's website and application, and on October 4, announced the implementation of the "DAO Stakeholder Dividend Plan," yet many clients still face challenges withdrawing funds.

This case involving the unlicensed cryptocurrency trading platform, JPEX, has garnered widespread attention. Hong Kong law enforcement has received reports from 2,623 victims, with an estimated amount involved of approximately HKD 1.6 billion. Police emphasize that the investigation is ongoing, and more arrests are not ruled out. Criminal investigators are actively pursuing the case, continuing to liaise with those involved to provide relevant information to assist in the police investigation.

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