- Four additional individuals have been apprehended in connection with the JPEX fraud case that defrauded over $200 million from thousands of victims.
- Earlier this month, Hong Kong’s regulatory authority issued a warning about JPEX’s unlicensed operation, citing difficulties faced by investors in withdrawing assets and discrepancies in balances.
- Many victims were enticed by promises of low-risk, high-return investments, emphasizing the importance of investor vigilance.
As police operations continue for the JPEX platform’s fraud case, four more individuals have been said to be arrested. On Friday, authorities in Hong Kong and Macao apprehended these individuals as they are suspected to be involved in the case that defrauded $200 million from over 2,400 victims.
Earlier this month, the Hong Kong Securities and Futures Commission issued a warning notice, highlighting that JPEX operated without a license to run a cryptocurrency trading platform in the city. Some investors reported difficulties withdrawing virtual assets from JPEX accounts and noted discrepancies in their balances.
Shortly afterward, JPEX suspended its trading activities, attributing the action to a third-party market maker’s alleged freezing of funds. Additionally, several social media influencers who had previously endorsed JPEX were apprehended earlier this month. Most of the victims who invested in JPEX were inexperienced and enticed by the promise of low-risk, high-return investments. Now, the current development brings the total number of individuals detained in the ongoing investigation to 18. Law enforcement has received 2,417 reports, citing alleged losses of more than $191.6 million on the platform.
During a news conference on Friday, Hong Kong police disclosed the arrest of two men, one of whom was attempting to destroy evidence using paper shredders and bleach. In addition to the arrests, police also confiscated cash and gold valued at nearly $1.15 million during raids on three apartments as part of the latest operation.
As operations to make arrests continue, let’s see if the victims are given back their fair share. In times like these, it is crucial for investors to stay vigilant at all times.