Hong Kong and Macau authorities have arrested individuals connected to the JPEX cryptocurrency exchange fraud case and are actively pursuing other suspects.
On September 29, Radio Hong Kong reported the arrests of two Hong Kong individuals linked to the JPEX case. These individuals were accused of opening accounts in Macau casinos for potential money laundering. Subsequently, the police froze the casino's assets and seized over HK$14 million (approximately $1.7 million) in cash.
In a separate report, the South China Morning Post revealed that two more individuals have been apprehended, with one suspect attempting to destroy potential evidence using a paper shredder and bleach in his apartment's bathtub. This brings the total number of individuals in custody to 18. During the recent operation, authorities also confiscated cash and gold valued at HK$8.7 million (around $1.1 million) from three apartments.
The JPEX scandal initially emerged when Hong Kong's financial regulator issued a warning to JPEX for offering its services in Hong Kong without the necessary license. Following this warning, the exchange raised withdrawal fees to nearly $1,000, and its staff abandoned their booth at the Token 2049 event in Singapore.
Since the investigation began, authorities have arrested multiple individuals connected to the case, including cryptocurrency influencers and JPEX employees. However, the mastermind behind the JPEX fraud remains at large, prompting Hong Kong police to enlist Interpol's assistance in locating the suspect.
The JPEX fraud case has evolved into one of Hong Kong's largest fraud investigations, with over 2,300 complaints from victims and estimated losses of approximately HK$178 million. Hong Kong Secretary for Security Tang Ping-keung has pledged to seek justice for the victims and continue the pursuit of those responsible.
