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

Hong Kong authorities have charged 16 individuals, including former lawyer and social media influencer Joseph Lam, in connection with an alleged cryptocurrency scam that defrauded over 2,700 investors of HK$1.6 billion (approximately $205.8 million). This case represents the largest financial fraud in Hong Kong's history, with Interpol issuing red notices for three central figures: Mok Tsun-ting, Cheung Chon-cheong, and Kwok Ho-lun. The accusations include conspiracy to defraud, fraudulent investment inducement, and money laundering. JPEX, the trading platform at the center of the allegations, reportedly operated without a license, misleading investors while posing as a legitimate exchange. Authorities have arrested 80 individuals in connection with the case and seized HK$228 million. In response, Hong Kong leader John Lee has emphasized the need for stronger public education on investment risks and is advocating for a formal licensing framework for cryptocurrency operations.

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