Article7 months ago

Influencer Joseph Lam Arrested in Connection with Troubled Crypto Exchange JPEX

Influencer Joseph Lam Arrested in Connection with Troubled Crypto Exchange JPEX
Summary
  • Joseph Lam, a former lawyer and crypto influencer, has been apprehended by the Hong Kong Police in connection with troubled cryptocurrency exchange JPEX.
  • Lam visited the police voluntarily and provided them with information about the crypto platform.
  • The police raided Lam's office and confiscated evidence of his connection to JPEX.
  • The Securities and Futures Commission (SFC) of Hong Kong has warned investors about JPEX's illegal promotion and false representations as a duly registered exchange.
  • JPEX has suspended trading and plans to halt some operations due to liquidity issues and increased operating costs caused by restricted liquidity from market makers.
  • Users have complained about difficulties withdrawing funds, with large sums being held back as processing fees.
  • The police have received over 83 complaints and assets worth $4.3 million related to JPEX, and they are encouraging other victims to come forward and lodge their complaints.

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