Article • 12 months ago

Crypto Influencer Arrested for Promoting Rug-Pulled Crypto Platform in Hong Kong

Summary

Hong Kong police have arrested crypto influencer Joseph Lam Chok for his involvement in promoting the JPEX crypto platform.
JPEX is believed to have conducted a rug-pull, leading to customer losses of approximately $34 million.
The arrest follows increased scrutiny from Hong Kong authorities on unregistered exchanges and crypto scams.
The Chinese Securities Regulatory Commission (CSRC) referred the case to the police after receiving over 80 complaints about JPEX.
The arrest highlights the need for stricter regulations and oversight in the crypto industry to protect investors from fraudulent schemes.