Hong Kong police this morning (Monday) arrested a social media influencer, Joseph Lam Chok, for his involvement in cryptocurrency trading platform, JPEX, which is facing fraud allegations, according to the South China Morning Post.
The arrest came hours after the troubled exchange confirmed the suspension of trading activities following an investigation by Hong Kong's Securities and Futures Commission (SFC).
โDue to unfair treatment by relevant institutions in Hong Kong towards JPEX, a cryptocurrency trading platform, and a series of negative news, our third party partner market makers
Market makers
Market makers or dealing desk brokers represent a type of broker that internalizes flows and takes the opposite side of a transaction presented by their clients. The market making broker only quotes a series of prices to his clients. These feeds may or may not be exactly the same as the prices quoted in the interbank market. Any order entered by a client is processed internally and never goes to market, except in exceptional cases where a brokerage identifies a client as av.
Market makers or dealing desk brokers represent a type of broker that internalizes flows and takes the opposite side of a transaction presented by their clients. The market making broker only quotes a series of prices to his clients. These feeds may or may not be exactly the same as the prices quoted in the interbank market. Any order entered by a client is processed internally and never goes to market, except in exceptional cases where a brokerage identifies a client as av.
Read this term have maliciously frozen funds. They demanded more information from the trading platform, restricting our liquidity
Liquidity
The term liquidity refers to the process, speed and ease with which a given asset or security can be converted into cash. In particular, liquidity involves a hold on the market price, with the most liquid assets representing cash. The most liquid asset of all is cash itself. In economics, liquidity is defined by the efficiency and speed with which an asset can be converted into usable cash without the need for material. affecting its market price. ยท Nothing is more liquid than cash, while other assets represent
The term liquidity refers to the process, speed and ease with which a given asset or security can be converted into cash. In particular, liquidity involves a hold on the market price, with the most liquid assets representing cash. The most liquid asset of all is cash itself. In economics, liquidity is defined by the efficiency and speed with which an asset can be converted into usable cash without the need for material. affecting its market price. ยท Nothing is more liquid than cash, while other assets represent
Read this term and significantly increasing our daily operating costs, resulting in operational difficulties,โ the crypto exchange wrote in a blog post published yesterday (Sunday).
Another FTX?
Hong Kong's financial markets regulator issued a warning against JPEX last week, highlighting that the exchange falsely claimed to have applied for a license from the regulator. On its website, the exchange claims to be licensed by Australian securities authorities and is registered with the US Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB). However, the SFC stressed that these claims are false.
He Hong Kong Regulator stated that JPEX promoted โits products and services to the Hong Kong public through social media influencers and key opinion leaders (KOLs), as well as over-the-counter virtual asset exchangers (OTC Shops), adding that has requested everyone to stop the promotions.
Actions against Influencers
Lam Chok's arrest came after Hong Kong police revealed on Saturday that they had received at least 83 complaints related to cryptocurrency trading worth about HK$34 million (US$4.3 million). ).
Hong Kong Social Media Sensation Joseph Lam Arrested in Daring HK$34 Million JPEX Crypto Scandal! pic.twitter.com/zSUlXRZRTM
- Crypto University (@TheCryptoU) September 18, 2023
Lam Chok, a lawyer turnedman of influence, is now being questioned by Hong Kong police, who also raided his office premises. According to the local publication, the police confiscated many objects in several boxes, in addition to a plastic bag with bills.
Additionally, JPEX abandoned its Taipei office and authorities are questioning local influencers who promoted the exchange, according to a local media outlet. An X.com (formerly Twitter) user further noted that JPEX abandoned its booth last week on the second day of the Token2049 conference in Singapore, following the SFC's warning.
Platinum sponsor, JPEX, abandoned their booth at #Token2049 on the second day. ๐
As a side note, their logo looks quite similar to FTX. Is that a sign? ๐ค pic.twitter.com/KZw9o5vNgF
- JOY (@joyxspacelatte) September 14, 2023
"Due to third-party market makers restricting our liquidity and to comply with policy guidelines, all transactions on our Earn Trading interface will be delisted on September 18, 2023 at 00:00 (GMT+8) "added the problematic exchange. in his blog post. "During this period, our dedicated withdrawal team responsible for handling emergency withdrawal requests will continue to prioritize user needs."
Hong Kong police this morning (Monday) arrested a social media influencer, Joseph Lam Chok, for his involvement in cryptocurrency trading platform, JPEX, which is facing fraud allegations, according to the South China Morning Post.
The arrest came hours after the troubled exchange confirmed the suspension of trading activities following an investigation by Hong Kong's Securities and Futures Commission (SFC).
โDue to unfair treatment by relevant institutions in Hong Kong towards JPEX, a cryptocurrency trading platform, and a series of negative news, our third party partner market makers
Market makers
Market makers or dealing desk brokers represent a type of broker that internalizes flows and takes the opposite side of a transaction presented by their clients. The market making broker only quotes a series of prices to his clients. These feeds may or may not be exactly the same as the prices quoted in the interbank market. Any order entered by a client is processed internally and never goes to market, except in exceptional cases where a brokerage identifies a client as av.
Market makers or dealing desk brokers represent a type of broker that internalizes flows and takes the opposite side of a transaction presented by their clients. The market making broker only quotes a series of prices to his clients. These feeds may or may not be exactly the same as the prices quoted in the interbank market. Any order entered by a client is processed internally and never goes to market, except in exceptional cases where a brokerage identifies a client as av.
Read this term have maliciously frozen funds. They demanded more information from the trading platform, restricting our liquidity
Liquidity
The term liquidity refers to the process, speed and ease with which a given asset or security can be converted into cash. In particular, liquidity involves a hold on the market price, with the most liquid assets representing cash. The most liquid asset of all is cash itself. In economics, liquidity is defined by the efficiency and speed with which an asset can be converted into usable cash without the need for material. affecting its market price. ยท Nothing is more liquid than cash, while other assets represent
The term liquidity refers to the process, speed and ease with which a given asset or security can be converted into cash. In particular, liquidity involves a hold on the market price, with the most liquid assets representing cash. The most liquid asset of all is cash itself. In economics, liquidity is defined by the efficiency and speed with which an asset can be converted into usable cash without the need for material. affecting its market price. ยท Nothing is more liquid than cash, while other assets represent
Read this term and significantly increasing our daily operating costs, leading to operational difficulties,โ the crypto exchange wrote in a blog post published yesterday (Sunday).
Another FTX?
Hong Kong's financial markets regulator issued a warning against JPEX last week, highlighting that the exchange falsely claimed to have applied for a license from the regulator. On its website, the exchange claims to be licensed by Australian securities authorities and is registered with the US Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB). However, the SFC stressed that these claims are false.
He Hong Kong Regulator stated that JPEX promoted โits products and services to the Hong Kong public through social media influencers and key opinion leaders (KOLs), as well as over-the-counter virtual asset exchangers (OTC Shops), adding that has requested everyone to stop the promotions.
Actions against Influencers
Lam Chok's arrest came after Hong Kong police revealed on Saturday that they had received at least 83 complaints related to cryptocurrency trading worth about HK$34 million (US$4.3 million). ).
Hong Kong Social Media Sensation Joseph Lam Arrested in Daring HK$34 Million JPEX Crypto Scandal! pic.twitter.com/zSUlXRZRTM
- Crypto University (@TheCryptoU) September 18, 2023
Lam Chok, a lawyer turnedman of influence, is now being questioned by Hong Kong police, who also raided his office premises. According to the local publication, the police confiscated many objects in several boxes, in addition to a plastic bag with bills.
Additionally, JPEX abandoned its Taipei office and authorities are questioning local influencers who promoted the exchange, according to a local media outlet. An X.com (formerly Twitter) user further noted that JPEX abandoned its booth last week on the second day of the Token2049 conference in Singapore, following the SFC's warning.
Platinum sponsor, JPEX, abandoned their booth at #Token2049 on the second day. ๐
As a side note, their logo looks quite similar to FTX. Is that a sign? ๐ค pic.twitter.com/KZw9o5vNgF
- JOY (@joyxspacelatte) September 14, 2023
"Due to third-party market makers restricting our liquidity and to comply with policy guidelines, all transactions on our Earn Trading interface will be delisted on September 18, 2023 at 00:00 (GMT+8) "added the problematic exchange. in his blog post. "During this period, our dedicated withdrawal team responsible for handling emergency withdrawal requests will continue to prioritize user needs."
