Authorities in Hong Kong and Macau have made arrests in connection with the JPEX crypto exchange fraud case. Two individuals in Hong Kong were arrested for allegedly laundering illegal funds through casino accounts in Macau. Additionally, two more suspects were detained, with one found attempting to destroy potential evidence. The total number of arrested individuals in the JPEX case now stands at 18, and authorities continue to track down other suspected figures. The scandal, involving a significant number of complaints and estimated losses of $178 million, is one of the largest fraud cases in Hong Kong.
Hong Kong and Macau Authorities Make Arrests in JPEX Crypto Exchange Fraud Case
Authorities in Hong Kong and Macau have taken significant steps in the investigation of the JPEX crypto exchange fraud case, making several arrests linked to the illegal activities. Two Hong Kong men involved in the case were apprehended for allegedly laundering illegal funds through casino accounts in Macau, leading to the freezing of casino assets and the seizure of cash exceeding 14 million Hong Kong dollars ($1.7 million).
In a separate operation, two additional suspects were arrested, with one of them reportedly attempting to destroy potential evidence using paper shredders and bleach in an apartment's bathtub. This brings the total number of detained individuals in connection with the JPEX case to 18. The police also seized cash and gold worth 8.7 million HKD ($1.1 million) during this latest operation.
The JPEX scandal unfolded when Hong Kong's financial watchdog issued a warning against the exchange for operating without the necessary licenses. Subsequently, JPEX raised withdrawal fees and faced staff abandonment at a cryptocurrency event in Singapore. The authorities have been taking action against various individuals related to the case, including crypto influencers and JPEX employees. However, the masterminds behind the fraud remain at large, prompting the Hong Kong police to seek assistance from Interpol.
With over 2,300 complaints from victims and estimated losses reaching around $178 million, the JPEX scandal has become one of the largest fraud cases in Hong Kong. Chris Tang Ping-keung, Hong Kong's Secretary for Security, has expressed a commitment to bringing justice to the victims and continuing efforts to pursue those responsible for the fraudulent activities.
(EZRA REGUERRA, COINTELEGRAPH, 2023)