Article • over 1 year ago
Social Media Influencer Arrested in JPEX Crypto Scandal
Summary
- Joseph Lam Chok has been arrested for his involvement with the cryptocurrency trading platform JPEX, which is facing allegations of fraud.
- The arrest followed the suspension of trading activities on JPEX after an investigation by Hong Kong's Securities and Futures Commission.
- The Hong Kong financial regulator warned against JPEX, stating that the exchange falsely claimed to have applied for a license and made false claims about its regulatory status.
- Lam Chok, a lawyer-turned-influencer, is being questioned by Hong Kong police, who raided his office premises and seized various items.
- JPEX has vacated its Taipei office, and local influencers who promoted the exchange are being questioned by authorities.
- Due to third-party market makers restricting liquidity, JPEX will delist all transactions on its Earn Trading interface on September 18, 2023.
- The Hong Kong police have received numerous complaints related to JPEX, involving cryptocurrencies worth about HK$34 million (US$4.3 million).
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