ChainCatcher news, according to Hong Kong media reports, JPEX is suspected of violating regulations by promoting and operating in Hong Kong. The first civil lawsuit involves two plaintiffs seeking to recover 240,000 Tether or 1.85 million Hong Kong dollars from JPEX Group and a total of 7 defendants. One of the defendants, a JPEX registered company in Hong Kong, was absent from last month's hearing. Judge Zhou Zhaowen issued a ruling yesterday stating that the company, as an operator, holds assets and constitutes an express trust but has violated its responsibilities. Particularly, the case of the first plaintiff is evidently strong, thus the judge ordered the company to compensate at the request of the two individuals.According to the statement of claim, the first defendant, a company registered in Australia under JPEX, operates the JPEX virtual asset service and electronic platform. The plaintiffs personally or in their name deposited virtual currency into the platform account, and they request the court to rule that the second defendant has violated good faith and/or must restructure and repay debts. The judge also stated that in many common law jurisdictions, including Hong Kong, courts accept that cryptocurrency is considered "property" and can form a trust.The judge recognized that the two defendants operate a cryptocurrency trading platform, which records the movement of currency between accounts, involving trustee benefits and various agreement terms. Therefore, the defendants, as trustees, violated their responsibilities by transferring assets without authorization.

ChainCatcher news, according to The Block, Taiwanese law enforcement has transferred the famous Taiwanese singer Chen Zhihao (stage name Nine Chen) to the Taipei District Prosecutors Office due to his alleged involvement in a fraud case related to the Hong Kong JPEX trading platform, with charges of serious fraud and violations of banking laws.It is reported that as of July 7, 2023, the singer has released 9 studio albums and 1 digital album. He is currently the host of "Entertainment 100%" and a member of the duo "Jiu Ze CP" and the boy band "Wu Jian Qing".

ChainCatcher news, according to Ming Pao reports, the unlicensed virtual asset platform JPEX in Hong Kong, reported last September, is suspected of violating regulations by promoting and operating in Hong Kong. Two of the victims in the case have hired lawyers to represent them and officially filed a lawsuit in the regional court yesterday against the JPEX group and a total of 7 related defendants, seeking to recover 240,000 Tether or 1.85 million Hong Kong dollars, marking the first civil claim against JPEX. Zhu Qiaohua, a consultant lawyer at Haocen Law Firm representing the plaintiffs, stated that if the claim is successful, it could serve as an example to help more victims recover their losses.Zhu Qiaohua mentioned that the criminal investigation is still ongoing, but there is a 6-year limit for filing civil lawsuits. If they wait for the criminal investigation to conclude before seeking compensation, there may not be enough time to initiate civil proceedings; any developments during the civil lawsuit could also impact the criminal prosecution. Tasman Tam, the barrister representing the two plaintiffs, explained that they will pursue several causes of action to try to recover losses for the plaintiffs, one of which is based on the fiduciary duty of the JPEX group (the defendants include JPEX's registered companies in Australia and Hong Kong) in the incident. All involved virtual currencies are held in trust by JPEX or related parties, with the actual owners of the virtual assets being the plaintiffs, and the defendants are required to return the relevant virtual assets.It is reported that as of April 18 this year, the police have received reports from 2,636 victims in the JPEX case, involving approximately 1.6 billion Hong Kong dollars, with 72 people arrested and assets worth about 228 million Hong Kong dollars frozen.

ChainCatcher news, according to DL News, the Hong Kong police have frozen assets worth over 29 million dollars related to the defunct cryptocurrency exchange platform JPEX.It is reported that this exchange platform collapsed last September, involving a fraud case of 403 million dollars.Currently, the number of arrests related to JPEX has increased to 72, including employees and social media influencers.

ChainCatcher news, according to Hong Kong 01, in recent years, there have been increasing cases of fraud involving virtual asset trading platforms, attracting social attention. The Secretary for Financial Services and the Treasury, Christopher Hui, stated that over the past three years, there have been a total of 7,148 cases of fraud involving virtual assets, with nearly 7 billion HKD involved, more than half of which were related to last year's scams. As of the 20th, in the JPEX case, the police have arrested 70 people, and no one has been prosecuted yet.Christopher Hui pointed out that since September last year, the Securities and Futures Commission has added a "List of Suspicious Virtual Asset Trading Platforms," and as of February 14 this year, there are 14 trading platforms on the list. He stated that since December last year, the Securities and Futures Commission and the Police Force have further implemented an information-sharing mechanism, exchanging complaints and intelligence regarding suspicious activities related to virtual asset trading platforms or virtual assets twice a week. As of February 2 this year, the Securities and Futures Commission and the Police Force have exchanged intelligence on over 100 cases related to virtual asset trading platforms or virtual asset-related activities.

ChainCatcher news, Hong Kong Police Force Commissioner Siu Chak-yee responded to Legislative Council member Wu Kit-chong's inquiry, stating that the virtual asset trading platform JPEX case received 2,636 reports in 2023, involving 1.6 billion HKD. They have contacted 2,300 victims, recorded statements from one-third of them, arrested 69 individuals, and frozen 200 million HKD in assets. Due to the complexity of the investigation and the large number of victims, they will continue to take statements from the remaining individuals and examine the flow of funds in electronic wallets to gather sufficient evidence to prove that the relevant individuals' crimes demonstrate that JPEX had no actual investment activities.

ChainCatcher news, according to reports, the Hong Kong police stated regarding the alleged fraud case involving the virtual asset trading platform JPEX that as of 5 PM today, a total of 2,623 victims have reported the case, involving an amount of approximately 1.6 billion HKD.So far, 66 people have been arrested in the case, all of whom have been granted bail pending trial, and are required to report to the police from late December to late January next year. The police stated that the investigation is still ongoing and do not rule out the possibility of more arrests.

ChainCatcher news, the cryptocurrency exchange JPEX, which is suspected of fraud, announced yesterday that in order to ensure DAO stakeholders can obtain sufficient returns and dividends from the plan, the platform has begun working on a capital buyback with market makers.In addition, JPEX also stated that the relevant trading systems on the platform are being optimized and reset.Previously, on the evening of October 26, Hong Kong police announced that there have been 36 arrests in the conspiracy fraud case involving the virtual asset trading platform JPEX, but all arrested individuals have been granted bail and must report to the police from late October to late December. As of 5 PM on the 26th, there have been 2,595 reported victims, involving an amount of approximately 1.58 billion Hong Kong dollars.

ChainCatcher news, Taiwan's "Financial Supervisory Commission" confirmed that it has received reports alleging that JPEX is illegally soliciting in Taiwan and providing evidence, and has forwarded the information to the investigation agency for further action. Due to the significant number of victims in Taiwan, the amount involved has reached tens of millions of New Taiwan dollars. After an investigation by the Taipei City Investigation Office, singer Chen Lingjiu, who was responsible for endorsements, was recently interviewed in secret, with the case being classified as fraud.JPEX has no business representative in Taiwan, and the investigation agency interviewed Chen Lingjiu (real name Chen Zhihao) as a witness. Chen Lingjiu stated that the entire matter was initiated by Rolling Stone Records' agent Liu Bai-liang, and he was only responsible for the endorsement, claiming to be a victim himself. It is still under evaluation whether the investigation agency will interview Liu Bai-liang. The investigation agency is looking into the fact that Chen Lingjiu's endorsement fee reached eight digits, far exceeding the general market rate. After the JPEX case broke out, the company located next to SOGO in Taipei's East District was found empty, with posters of Chen Lingjiu posted outside the building. Victims have no recourse for compensation and can only file a report with the investigation agency. Whether Chen Lingjiu was completely unaware of the situation remains to be clarified, and whether he will be changed from a witness to a defendant will depend on the evidence collected.The investigation agency estimates that JPEX has invested a large marketing budget in Taiwan, including spokespersons and media, with marketing costs reaching tens of millions. It will be further clarified whether this includes victim funds or illegal cash flows; the "Financial Supervisory Commission" pointed out that according to company law, if an overseas virtual trading platform is a foreign company and has not registered a branch office, it is prohibited from conducting business in Taiwan, with criminal and civil liability. Whether there has been a violation of money laundering laws will depend on whether JPEX has engaged in exchanges of New Taiwan dollars, foreign currencies, and other currencies.

ChainCatcher news, according to Sing Tao Global, Hong Kong Legislative Council member Wu Jietzhuang stated that in the past few weeks, together with other volunteer lawyers, he has provided pro bono legal services for about 100 JPEX victims. He mentioned that some victims are seeking self-help through various methods, including civil lawsuits, pursuing compensation from the involved money exchange shops or KOLs, and considering collective action with other victims affected by the same money exchange shop. However, due to the varying amounts involved, ranging from hundreds of thousands to over a million, and the sensitivity regarding legal fees, they are still seeking legal advice and have not yet made a final decision.Additionally, Wu Jietzhuang pointed out that cryptocurrencies and other virtual assets are relatively new phenomena, and the third generation of the internet (Web3) is the future development direction for Hong Kong. As new products and investment opportunities emerge, there should be an enhancement in corresponding investor education to prevent fraud. He further noted that in the past, various virtual investment products have become tools for scams, and there may be other types of fraud in the future, hoping for government improvements. He continued to say that the Securities and Futures Commission responded quickly this time, but there is still room for improvement, suggesting the establishment of a research group as soon as possible to achieve a balance in the development, regulation, and investor protection of the third generation of the internet and virtual assets.

ChainCatcher news, according to Ming Pao, the Hong Kong police have arrested 6 more men today, aged between 23 and 54, including the CEO and former directors of the over-the-counter (OTC) cryptocurrency company Crypto Leopard, a staff member from Tung Club, 2 staff members from Coingaroo, and a member of the JPEX group.It is reported that the founder and CEO of Crypto Leopard is known as "Little Dragon Sir," Chen Xiaolong. According to the information from the Companies Registry, "Crypto Leopard Limited" was established last November, and its incorporation form lists only one director, named Li Jialin, who resigned as director in August this year, with a Taiwanese individual surnamed Niu taking over.

ChainCatcher news, the virtual asset trading platform JPEX announced the voting results for the DAO stakeholder dividend plan, with 68% of users agreeing to gradually implement the DAO stakeholder dividend plan starting from October 4, 2023. The JPEX platform will begin transitioning to operate in the form of a DAO, and all holders of DAO stakeholder dividends will be able to gain voting rights in the future and participate in platform decisions through public voting.

ChainCatcher news, according to the Hong Kong Economic Journal, the Hong Kong police have arrested another 29-year-old man involved in the conspiracy fraud case related to the virtual asset trading platform JPEX at Man Ming Shan in Tuen Mun. The individual is Hong Kong TVB artist Zheng Junxi. The police also towed away a Porsche, believing it to be a property gained from criminal benefits. So far, the Hong Kong police have arrested 20 people in the JPEX case.

ChainCatcher news, according to reports, Hong Kong police have arrested one more person in the JPEX case, bringing the total number of arrests in the case to 19.It is reported that the latest arrest is a 28-year-old man with the surname Liu, who was arrested this morning in Tuen Mun, Hong Kong. The two individuals who were previously repatriated from Macau to Hong Kong have now been granted bail and must report to the police in late October.Hong Kong police stated that as of 5 PM on October 2, a total of 2,467 victims have reported the case, involving an amount of approximately 1.522 billion HKD.

ChainCatcher news, according to reports, the Assistant Commissioner of Police (Criminal) Chung Wing-man stated that a joint operation between Hong Kong and Macau took place from last Tuesday to Thursday (September 26 to 28), resulting in the arrest of 4 more individuals. During the operation, approximately 24 million HKD in assets were seized and frozen, bringing the total number of arrested individuals in the case to 18, all of whom are Hong Kong residents, with a total of nearly 100 million HKD in frozen assets. The investigation is now gradually entering the core of the JPEX fraud network and has identified key figures, with efforts continuing to uncover the masterminds and trace the illicit funds.