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

Hong Kong authorities have charged 16 individuals, including influencer Joseph Lam, in connection with the $205 million JPEX crypto fraud case. The suspects face accusations of fraud, conspiracy to defraud, and money laundering after a two-year investigation into the unlicensed exchange. More than 2,700 investors were reportedly defrauded through a network of social media promoters and retail crypto shops, which channeled deposits into JPEX. Authorities have arrested over 80 individuals since the case began, seizing $28 million in assets, while Interpol has issued red notices for three alleged ringleaders who remain at large. Lam's promotion of JPEX on social media reportedly followed warnings from Hong Kong regulators regarding its unlicensed operations, which ultimately led to a police investigation. Legal experts note that influencers promoting misleading claims about JPEX may face severe liability issues due to their activities, especially given the explicit warnings issued to the public.

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