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 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 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, 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.

ChainCatcher news reports that the virtual asset platform JPEX is suspected of conspiracy to commit fraud, with a total of 15 people arrested so far. It is reported that Hong Kong and Macau have joined forces to carry out actions to arrest more individuals, with some being apprehended in Macau. The Hong Kong police will hold a press conference this afternoon to provide details.As of Wednesday (September 27) at 5 PM, the Hong Kong police have received reports from 2,407 victims, involving an amount of approximately HKD 1.499 billion.

ChainCatcher news, according to Sing Tao Daily, as of today (September 25) at 5 PM, the Hong Kong police have received reports from 2,360 victims in the fraud case involving the virtual asset trading platform JPEX, with a total amount involved of approximately HKD 1.49 billion (around USD 139 million).

ChainCatcher news, in response to the concerns of many industry insiders that the recent unlicensed cryptocurrency exchange JPEX case in Hong Kong may lead to more cautious cryptocurrency regulatory policies in Hong Kong, Legislative Council member Wu Jiezhuang stated in an interview with ChainCatcher: "The JPEX case, as a single event, will not overall affect Hong Kong's cryptocurrency regulatory policies. Currently, the JPEX case has not been adjudicated, and it only indicates that the exchange has suspicions and possibilities of fraud, which may not involve cryptocurrency trading activities. I have also communicated with the leaders of government departments, and they similarly believe that the JPEX incident will not have a significant impact on overall policy. Instead, they view this incident as a good education for investors, emphasizing that trading should be conducted on licensed exchanges to ensure asset safety."In addition, Member Wu Jiezhuang also mentioned that the JPEX case has highlighted some regulatory loopholes, such as the fact that offline cryptocurrency exchange shops have not yet been included in regulation, which is something the government needs to improve in the future. Furthermore, the government should disclose suspicious information as early as possible and timely remind users to minimize their losses.

ChainCatcher news, according to Sing Tao Daily, the virtual asset trading platform JPEX has recently been named by the Securities and Futures Commission as operating without a license. The police have so far arrested at least 11 people. Zhang Zhilin arrived at the Hong Kong Police Headquarters this morning to assist in the investigation and left in the afternoon.JPEX had invited celebrities or influencers such as Zhang Zhilin, Lin Zuo, and Zhuang Simin to promote their platform, describing Zhang Zhilin as the "Brand Ambassador for the Hong Kong region."Earlier, Zhang Zhilin stated through a public relations company that he only recently noticed his likeness being used by JPEX. He mentioned that he had received an invitation to shoot an advertisement, during which JPEX claimed to be registered overseas and provided relevant proof. Therefore, they arranged for the shoot in March 2022. However, in May of the same year, after learning that JPEX was under the regulation of the Securities and Futures Commission, he had formally notified JPEX in writing that if they could not obtain a license, they could not use his likeness for promotion, and thus he would reserve the right to pursue legal action.

ChainCatcher news, according to Ming Pao, the Hong Kong police disclosed that the 8 individuals previously arrested in connection with the JPEX case were granted bail on the evening of the 19th, but they must report to the police in mid-October. It is reported that around 9 PM, one of the arrested individuals, KOL Lam Tso's girlfriend Yumi, appeared at the Central Police Station holding a briefcase. Close to 10 PM, Lam Tso left through the back door of the Hong Kong police station.

ChainCatcher news, according to reports from the Hong Kong media, the Acting Chief Inspector of the Commercial Crime Bureau, Mak Wai-kwong, stated that the Wealth Investigation Unit has currently frozen HKD 15 million in bank accounts, as well as three properties valued at a total of HKD 44 million, and is considering confiscating this batch of assets worth over HKD 60 million.Victims are concerned about the whereabouts of their funds. Regarding whether the investigation will trace the clients' funds and the mastermind behind it, the police only stated that the case is under investigation, and this is one of the directions of the inquiry.Regarding artists related to the JPEX case who have left Hong Kong for Malaysia, Superintendent Lee Mu-hin of the Commercial Crime Bureau stated that the investigation is still ongoing and that appropriate actions will be taken based on the involvement of relevant individuals and their roles in the case. If someone is indeed committing a crime in Hong Kong, they will be extradited back to Hong Kong from abroad if necessary.

ChainCatcher news, the Hong Kong police stated that the number of arrests in the virtual asset trading platform JPEX case has increased to 8. A press briefing will be held today at 16:00.According to previous reports, the police had arrested 4 men and 2 women yesterday in the JPEX case, suspected of conspiracy to commit fraud.

ChainCatcher news, according to reports from the newspaper, after investigating the virtual asset trading platform JPEX, the Hong Kong police today arrested four men and two women in various districts on suspicion of "conspiracy to defraud," and they are currently being detained for investigation. The police stated that as of 2 PM today, they have received reports from 1,408 individuals regarding the related incident, with the amount involved approximately HKD 1 billion.

ChainCatcher news, according to the Hong Kong Economic Journal, the Hong Kong police arrested internet celebrity Lin Zuo this morning, suspected of being related to the JPEX case named by the Securities and Futures Commission. It is understood that another internet celebrity, Chen Yi, was also arrested. They are suspected of conspiracy to commit fraud, and the police searched Chen Yi's "CYOTC" cryptocurrency exchange store located in the Yung On Plaza in Tsim Sha Tsui. The police had also targeted another entertainment industry figure, but that person was not in Hong Kong, so the arrest could not be carried out.Reports indicate that in the case involving JPEX, the police have received over a thousand reports.

ChainCatcher news, according to the Hong Kong Economic Journal, regarding the unlicensed cryptocurrency exchange JPEX, Hong Kong Legislative Council member Wu Jietzhuang stated that this incident involves a large number of victims, far exceeding the 86 individuals and several tens of millions (HKD) reported by the police two days ago. The incident has widespread implications, and he hopes the police will take action soon. He also pointed out that this incident highlights the need for the public to be aware of investment risks, understand investment products, and urged investors to invest on licensed platforms.Legal advisors recommend that affected individuals should take screenshots of electronic transactions and related information to provide more evidence to the police or the Securities and Futures Commission; otherwise, electronic records may be lost or deleted.

ChainCatcher news, according to Yahoo News, Hong Kong police today arrested JPEX promoter Lin Zuo, possibly related to the JPEX cryptocurrency exchange incident. The police searched Lin Zuo's office located in Central's Entertainment District. The case is currently being followed up by the Commercial Crime Bureau.After being named by the Hong Kong Securities and Futures Commission, JPEX imposed new withdrawal restrictions, allowing investors to withdraw a maximum of 1000 USDT, with fees reaching as high as 999 USDT at one point. Following the measures introduced by JPEX, Lin Zuo stated that he had "suffered heavy losses" and claimed he would assist in following up on the incident.