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Authorities in Hong Kong they filed charges against sixteen individualsincluding Joseph Lam Chok, a former lawyer who later became an online influencer.
The group has been accused of involvement in a Cryptocurrency-related case involving more than USD $205 million (HK$1.6 billion) linked to the JPEX platform.
The allegations include fraud, conspiracy to commit fraud, and violation of money laundering laws. These charges follow a lengthy investigation into the operations of JPEX, which was operating as a crypto exchange without a valid local license.
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According to the police, more than 2,700 people have invested in JPEX. Many of these investors were attracted through social media promotions and storefront-style crypto shops that helped channel funds into the platform.
Joseph Lam was arrested in September 2023 after promoting the online platform. His arrest occurred after the Securities and Futures Commission (SFC) issued a public notice warning that JPEX was not registered and may be misleading users.
Since the investigation began, police have arrested more than 80 people believed to be connected to JPEX’s operations. In the process, they too seized about $28 million (HK$228 million) in assetsincluding money and other valuables.
Despite the arrests, authorities said three individuals believed to have played a role in the case remain at large. Interpol notices have been issued for them, requesting international law enforcement assistance to locate and detain them.
On October 16, five individuals were arrested by London’s Metropolitan Police in connection with a suspected cryptocurrency scam. How did the case develop? Read the full story.
