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Tuesday, April 23, 2024

Police Make 12 Arrests, Purchase $1 Million in Cash and $9.8 Million in Resources in JPEX Case

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Source: PixabayOn Tuesday, Hong Kong police offered the arrest of 12 suspects in connection with the JPEX cryptocurrency commerce platform scandal.

Right by a press convention on Wednesday, Chris Tang Ping-Keung, the Secretary for Security of Hong Kong, reassured the public that the police are fully committed to turning in justice to these suffering from the JPEX cryptocurrency commerce fraud.

Tang revealed that 12 arrests had been made to this point, and resources totaling 77 million HKD ($9.8 million), including true property and digital foreign money, alongside with over 8 million Hong Kong bucks ($1 million) in cash, had been seized. 

Among the many arrested folks are three staff from JPEX Technical Give a preserve to Company, apart from to YouTubers Chan Soar-yee and Chu Ka-fa.

Nonetheless, as reported by the South China Morning Submit, the total resolution of arrests has now reached 15. 

One in all the newly arrested folks is Chung Wai-hin, a 23-300 and sixty five days-previous director of the over-the-counter (OTC) cryptocurrency commerce retailer Cash Lupin.

Another is Sheena Leung, an influencer who operates the YouTube channel “sheung-8888” and is a workers member on the OTC cryptocurrency retailer Unicoin. The third person is a 28-300 and sixty five days-previous man named Wong.

Police Hunt for JPEX Scandal’s Key Operator as Investigations into Hong Kong’s Finest Crypto Fraud Case ContinueLocal media also reported that Tang talked about the police are actively looking out for to search out the main operator within the JPEX scandal, which is able to be a valuable increase in resolving the case. 

He also emphasized that they are taking part with the nation’s regulator to put in force measures geared in direction of preventing such scams within the rupture.

“Police are doing their highest to uncover the whereabouts of the chief of the platform. Here’s indubitably a serious component of their investigation,” Tang acknowledged.

Tang talked about that the crypto commerce, JPEX, was supposed to comprise scramble an unlicensed commerce within the nation, which at final defrauded potentialities of thousands and thousands of bucks. A total of two,369 complaints had been obtained by the local police in Hong Kong from victims who had lost their if fact be told-earned funds to the unregulated crypto commerce. The estimated loss was valued at 1.4 billion HK$ ($178 million), making it the qualified fraud case within the nation.

Hong Kong’s Crypto Panorama Faces Regulatory Challenges Amid Pretend Licensing ClaimsThe Securities and Futures Commission (SFC) acknowledged on September 13, shedding light on the real fact that cash-for-crypto retail outlets and social media influencers affiliated with JPEX had made faux claims regarding the platform’s pursuit of a license, though it had not in actuality utilized.

Chief Govt John Lee Ka-Chiu acknowledged on Tuesday that the government agreed with the charge in offering “transparent and obvious” info to investors by naming cryptocurrency firms looking out for to keep shopping and selling companies and products and of us that had been licensed.

John Lee Ka-chiu acknowledged that:

“This obvious info will support investors to extinguish choices as to what they ought to produce after they’ve in tips making an funding.”

He persisted,

“Nonetheless I must repeat, [investors’] interests will likely be highest actual if they invest on platforms which had been licensed. That advance these platforms will likely be correctly regulated, there’ll likely be honest possibility preserve an eye on and honest requirements that they comprise to fulfill.”

The cryptocurrency panorama in Hong Kong is restful a dynamic and inviting arena for every regulators and aspiring firms. Recent trends, in particular the news of impending license functions for digital asset shopping and selling platforms, comprise spurred firms to prioritize compliance and align with regulatory requirements.

Security Chief Tang acknowledged on Wednesday that the force was working closely with the charge to prevent extra cases of fraud by strengthening training on superior shopping and selling practices.

As per the charge’s info, simplest two platforms, HashKey and OSL, comprise efficiently got licenses to operate as retail cryptocurrency shopping and selling companies and products in Hong Kong. Moreover, four other firms comprise submitted license functions pending approval, including HKVAX, HKBitEx, Hong Kong BGE, and Victory Fintech Company.

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