The leaders behind the alleged scandal involving crypto exchange JPEX have managed to evade authorities so far.
Hong Kong Authorities Have Sought Interpol's Help To Arrest JPEX Executives
Despite 11 individuals taken into custody and being questioned by the Hong Kong police, the leaders behind the alleged scandal involving crypto exchange JPEX have managed to evade authorities so far.
The South China Morning Post reported that the police have received over 2,265 complaints from victims of the exchange, estimating the total monetary loss to be around $178 million (1.4 billion Hong Kong dollars).
The majority of the complaints concentrate around difficulty withdrawing cryptocurrency from the platform. JPEX increased its withdrawal fees to 999 USDT on September 15, worsening the problem for consumers.
Among those taken into custody for questioning are crypto influencer Joseph Lam Chok, three employees of JPEX Technical Support Company, and two YouTubers, Chan Wing-yee and Chu Ka-fai. Despite these arrests, the authorities have stated that the key figures behind the operation are still at large.
After discovering illicit crypto transfers from the JPEX exchange, local authorities sought assistance from Interpol and other international law enforcement organizations. They've also asked local telecom companies to limit access to the exchange's website.
The JPEX issue came to light after Hong Kong's financial authority said that it had received over 1,000 complaints about the unregistered crypto exchange platform, with reported losses surpassing $128 million (HK$1 billion). JPEX claimed to have attempted registration with the appropriate authorities but was treated unfairly.
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