Hong Kong police estimate the scale of the cryptocurrency exchange scam at $128 million

Hong Kong police estimate the scale of the cryptocurrency exchange scam at $128 million


09.18.2023 23:44

Hong Kong authorities have arrested six people for their suspected involvement in a cryptocurrency fraud scheme linked to the JPEX cryptocurrency exchange. The alleged scam is estimated to have cost approximately HK$1 billionwhich is equivalent to approximately $128 million.

Among the six people taken into custody are two bloggers who are suspected of misleading users when promoting the services of a cryptocurrency platform. Over the weekend, Hong Kong residents reportedly filed more than 1,400 complaints about potential fraud on the JPEX crypto exchange.

The Hong Kong Securities and Futures Commission earlier on September 13 issued a statement indicating that the virtual asset trading platform JPEX misled users, falsely claiming that she had the necessary permits to operate in the city. The Commission clarified that JPEX has not obtained or applied for the required license from Hong Kong regulators.

In response to these developments, JPEX said it had experienced “unfair treatment” from relevant institutions in Hong Kong. The exchange also cited a lack of liquidity due to the freezing of assets by its partners while the situation was investigated. Hence, JPEX has temporarily suspended its services in Hong Kong.

The founder of a cryptocurrency exchange has been detained in Albania, accused of embezzling two billion.

Author Angelina Efremova

Angelina Efremova – freelance correspondent for Pravda.Ru, student at Moscow State University named after M.V. Lomonosov

Curator Lyubov Stepushova

Lyubov Aleksandrovna Stepushova – columnist for Pravda.Ru

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