TLDR Hong Kong charged 16 people in a $205.8M crypto fraud case involving unlicensed platform JPEX. Authorities say over 2,700 investors were defrauded by JPEX’s unlicensed operations since 2023. Six of the accused allegedly ran JPEX operations; others promoted it or handled crypto trading. Interpol issued red notices for 3 suspects believed to have led [...] The post Hong Kong Authorities Charge 16 in $205M JPEX Cryptocurrency Scandal appeared first on Blockonomi.TLDR Hong Kong charged 16 people in a $205.8M crypto fraud case involving unlicensed platform JPEX. Authorities say over 2,700 investors were defrauded by JPEX’s unlicensed operations since 2023. Six of the accused allegedly ran JPEX operations; others promoted it or handled crypto trading. Interpol issued red notices for 3 suspects believed to have led [...] The post Hong Kong Authorities Charge 16 in $205M JPEX Cryptocurrency Scandal appeared first on Blockonomi.

Hong Kong Authorities Charge 16 in $205M JPEX Cryptocurrency Scandal

TLDR

  • Hong Kong charged 16 people in a $205.8M crypto fraud case involving unlicensed platform JPEX.
  • Authorities say over 2,700 investors were defrauded by JPEX’s unlicensed operations since 2023.
  • Six of the accused allegedly ran JPEX operations; others promoted it or handled crypto trading.
  • Interpol issued red notices for 3 suspects believed to have led the fraudulent crypto scheme.
  • This case marks the first use of Hong Kong’s anti-money laundering law in a crypto fraud case.

Hong Kong authorities have formally charged 16 individuals in connection with an alleged cryptocurrency fraud operation involving the unlicensed platform JPEX. The suspected scam is reported to have affected over 2,700 investors and resulted in a total loss of approximately HK$1.6 billion ($205.8 million), making it the largest alleged financial fraud in the city’s history.

Charges Filed After Months of Investigation

Police confirmed the charges include conspiracy to defraud, fraudulent inducement to invest, and money laundering. Among those charged is Joseph Lam, a former lawyer turned influencer. He, along with six others, is believed to have promoted the platform and facilitated investments through over-the-counter crypto transactions.

Officials revealed that six of the 16 individuals were central to JPEX’s daily operations. The remaining suspects had varying roles, including promoting the platform to the public and facilitating trades. All 16 individuals are expected to appear in Eastern Court this Thursday.

JPEX Accused of Operating Without a License

Investigators stated that JPEX presented itself as a legitimate digital asset exchange while lacking the required license. Authorities allege the platform misled thousands of investors by advertising services that did not meet regulatory standards in Hong Kong.

The Securities and Futures Commission had previously issued warnings about unlicensed operations in the city. This case marks the first time authorities enforced the Anti-Money Laundering and Counter-Terrorist Financing Ordinance in a crypto-related investigation.

Interpol Issues Red Notices for Three Suspects

International law enforcement has become involved as Interpol issued red notices for three additional suspects. Mok Tsun-ting, Cheung Chon-cheong, and Kwok Ho-lun are believed to have played major roles in the scheme. These notices request global law enforcement to detain the individuals ahead of extradition.

Following the case’s exposure in September 2023, authorities seized HK$228 million related to the alleged fraud. Hong Kong Chief Executive John Lee has since called for improved investor education and tighter licensing rules for crypto platforms operating in the territory.

The post Hong Kong Authorities Charge 16 in $205M JPEX Cryptocurrency Scandal appeared first on Blockonomi.

Market Opportunity
CyberKongz Logo
CyberKongz Price(KONG)
$0.001654
$0.001654$0.001654
0.00%
USD
CyberKongz (KONG) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Lucid to begin full Saudi manufacturing in 2026

Lucid to begin full Saudi manufacturing in 2026

Lucid Group, the US carmaker backed by the Public Investment Fund (PIF), reportedly plans to start full-scale vehicle manufacturing in Saudi Arabia this year, transitioning
Share
Agbi2026/01/15 15:52
Exploring Market Buzz: Unique Opportunities in Cryptocurrencies

Exploring Market Buzz: Unique Opportunities in Cryptocurrencies

In the ever-evolving world of cryptocurrencies, recent developments have sparked significant interest. A closer look at pricing forecasts for Cardano (ADA) and rumors surrounding a Solana (SOL) ETF, coupled with the emergence of a promising new entrant, Layer Brett, reveals a complex market dynamic. Cardano's Prospects: A Closer Look Cardano, a stalwart in the blockchain space, continues to hold its ground with its research-driven development strategy. The latest price predictions for ADA suggest potential gains, predicting a double or even quadruple increase in its valuation. Despite these optimistic forecasts, the allure of exponential gains drives traders toward more speculative ventures. The Buzz Around Solana ETF The potential introduction of a Solana ETF has the crypto community abuzz, potentially catapulting SOL prices to new heights. As investors await regulatory decisions, the impact of such an ETF on Solana's value could be substantial, potentially reaching up to $300. However, as with Cardano, the substantial market capitalization of Solana may temper its growth potential. Why Layer Brett is Gaining Traction Amidst established names, a new contender, Layer Brett, has started to capture the market's attention with its early presale stages. Offering a low entry price of just $0.0058 and promising over 700% in staking rewards, Layer Brett presents a tempting proposition for those looking to maximize returns. Comparative Analysis: ADA, SOL, and $LBRETT While both ADA and SOL offer stable investment choices with reliable growth, Layer Brett emerges as a high-risk, high-reward option that could potentially offer significantly higher returns due to its nascent market position and aggressive economic model. Initial presale pricing lets investors get in on the ground floor. Staking rewards currently exceed 690%, a persuasive incentive for early adopters. Backed by Ethereum's Layer 2 for enhanced transaction speed and reduced costs. A community-focused $1 million giveaway to further drive engagement and investor interest. Predicted by some analysts to offer up to 50x returns in coming years. Shifting Sands: Investor Movements As the crypto market landscape shifts, many investors, including those traditionally holding ADA and SOL, are beginning to diversify their portfolios by turning to high-potential opportunities like Layer Brett. The combination of strategic presale pricing and significant staking rewards is creating a momentum of its own. Act Fast: Time-Sensitive Opportunities As September progresses, opportunities to capitalize on these low entry points and high yield offerings from Layer Brett are likely to diminish. With increasing attention and funds being directed towards this new asset, the window to act is closing quickly. Invest in Layer Brett now to secure your position before the next price hike and staking rewards reduction. For more information, visit the Layer Brett website, join their Telegram group, or follow them on X by clicking the following links: Website Telegram X Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Bitzo, nor is it intended to be used as legal, tax, investment, or financial advice.
Share
Coinstats2025/09/18 18:39
United Kingdom Trade Balance; non-EU declined to £-11.457B in November from previous £-10.255B

United Kingdom Trade Balance; non-EU declined to £-11.457B in November from previous £-10.255B

The post United Kingdom Trade Balance; non-EU declined to £-11.457B in November from previous £-10.255B appeared on BitcoinEthereumNews.com. Gold loses ground after
Share
BitcoinEthereumNews2026/01/15 16:23