Hong Kong Police Seize $11 Million Worth Of Assets In JPEX Case

By
Tana Harina

09/27/2023

4,3

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The JPEX crypto exchange fraud saga continues. Hong Kong police reported new outcomes in the case.

Local media reports that police are currently actively searching for key employees of the JPEX exchange. Hong Kong security chief Chris Tang said at a press conference on September 27 that the police managed to detain 12 people involved in the case (among them technical support staff and YouTube-bloggers Chan Wing-Yee and Chu Ka-Fa), seized up to $1 million in cash and another $9.8 million in real estate and digital assets.

The masterminds behind the fraudulent scheme have yet to be arrested, but Tang added that catching them is a major factor in solving the case. The security chief added that there is active cooperation with regulators to prevent similar cases in the future.

The owners of JPEX are accused of running an unregistered platform and defrauding 2,300 people of more than $175 million.

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