Hong Kong Security Secretary Chris Tang Ping-keung has vowed to bring justice to people who fell victim to the JPEX cryptocurrency exchange fraud, local media reported. On Wednesday, September 27, the security chief's office said that police are actively searching for the key operators behind the JPEX crypto exchange that orchestrated the country's largest digital asset fraud.
During a press conference on September 27, Chris Tang revealed that police have made 12 arrests in the case so far and seized more than US$1 million (HK$8 million) in cash, as well as as assets worth US$9.8 million (HK$77 million). dollars), including real estate and virtual currency, according to a report by the South China Morning Post.
Tang added that the police are actively searching for the ringleaders of the case and called their capture an important factor in solving the case.
Operators of the JPEX crypto exchange are accused of running an unauthorized crypto platform and defrauding customers of millions of dollars. Tang also notified the press that they are working with the country's regulators to implement certain measures to prevent fraud of this type in the future.
Local Hong Kong police received 2,369 complaints from victims who lost their hard-earned money by investing in the unregulated exchange. He The total monetary value of the consequences is estimated at around $178 million. (1.4 billion Hong Kong dollars).
Police have made 12 arrests in the case, including three employees of tech support company JPEX, along with two YouTubers, Chan Wing-yee and Chu Ka-fa.
Related: Hong Kong securities regulator grants in-principle approval to HKVAX
The first signs of JPEX-related problems emerged on September 15 when several users complained of difficulties withdrawing funds. As news of withdrawal issues gained traction, the platform noticeably raised its withdrawal fees at 999 Tether after a warning from regulators to discourage users from withdrawing funds.
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