Hong Kong Charges 16 in $205 Million JPEX Crypto Fraud Probe

Hong Kong authorities have charged 16 individuals, including social media influencer Joseph Lam, in connection with the $205 million JPEX crypto fraud case. The suspects face allegations of fraud, conspiracy to defraud, and money laundering related to JPEX, which has defrauded over 2,700 investors through its unlicensed exchange operations. Authorities have issued Interpol red notices for three alleged ringleaders who remain at large. Police initiated a fraud probe after the Securities and Futures Commission warned that JPEX was misleading investors and operating without a license. As a result, the investigation has seen over 80 arrests and the seizure of $28 million in assets. Experts assert that the case highlights significant liabilities for promoters who misled the public about the platform's safety despite regulatory warnings. The repercussions for the victims depend not only on criminal convictions but also on tracing the flow of assets involved in the fraud.

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