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H.K. Charges 16 in Alleged $205M JPEX Crypto Fraud

Hong Kong has charged 16 individuals in connection with a cryptocurrency scam involving $205.8 million, making it the largest financial fraud case in the region’s history. The scam reportedly defrauded over 2,700 investors, prompting significant legal actions. Among those charged is former lawyer and social media influencer Joseph Lam. The charges include conspiracy to defraud, fraudulently inducing investment, and money laundering. Interpol has issued red notices for three key suspects believed to have played central roles in the scheme. Authorities allege that JPEX operated a crypto trading platform without the necessary licenses, misleading investors by presenting itself as a legitimate exchange. Since the investigation began in September 2023, around 80 arrests have been made, and HK$228 million has been seized. Hong Kong leader John Lee has called for increased public education on investment risks and stricter regulatory measures for digital assets, highlighting the need for a licensing system in the territory.

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