Briefly
- The JPEX fraud case in Hong Kong has been adjourned till March 16, 2026.
- Prosecutors say extra time is required to organise intensive case information from a two-year investigation.
- The JPEX collapse left greater than 2,700 victims with losses exceeding $206 million, with influencers accused of selling the platform dealing with fraud and conspiracy fees.
Prosecutors within the JPEX fraud case in Hong Kong obtained permission to adjourn the case till subsequent yr in order that they will organise the case information at a listening to on Monday on the metropolis’s Japanese Justice of the Peace’s Court docket, in line with native media stories.
The following listening to will happen on March 16 for the group of social media influencers accused of selling JPEX and appearing as the general public face of its over-the-counter cryptocurrency buying and selling outlets.
They face fees together with conspiracy to defraud, fraud, inducing others fraudulently or recklessly to put money into digital property, and coping with property identified or believed to symbolize proceeds of an indictable offence.
Seven of the eight defendants showing in courtroom have been granted bail beneath their unique situations. Amongst these charged are lawyer-turned-influencer Joseph Lam, YouTuber Chan Wing-yee, former TVB actor Cheng Chun-hei and health teacher Chiu King-yin. Cheng, who didn’t apply for bail, will stay in custody.
JPEX collapsed in September 2023 after Hong Kong’s Securities and Futures Fee (SFC) warned that the platform was unlicensed and had made deceptive claims. Customers subsequently reported frozen withdrawals. Authorities say greater than 2,700 victims misplaced a mixed whole of over $206 million (HK$1.6 billion).
On November 5 this yr, police arrested and charged 16 individuals, together with six alleged core members of the JPEX syndicate, seven people linked to cryptocurrency over-the-counter exchanges, and three puppet account holders. Greater than 80 individuals have been arrested in the midst of the investigation.
These arrested face fees starting from conspiracy to defraud and cash laundering to obstructing justice and unlawfully inducing others to put money into digital property beneath Hong Kong’s anti-money laundering legal guidelines.
JPEX and crypto in Hong Kong
The collapse of JPEX has had broader repercussions for Hong Kong’s cryptocurrency sector, prompting adjustments in how the SFC communicates licensing info and educates the general public about digital asset dangers. The scandal additionally dampened public sentiment towards cryptocurrencies at a time when the federal government was attempting to advertise the town as a hub for Web3 and digital property.
Along with Hong Kong, JPEX additionally promoted its providers and had victims within the Philippines and Taiwan.
Three males believed to be behind the operation stay at giant and are the topic of Interpol crimson notices. They’re Hong Kong nationals Mok Tsun-ting, 27; Cheung Chon-cheng, 30; and Kwok Ho-lun, 28.
Kwok, the only real director of an organization linked to JPEX in Australia, has been looked for questioning since 2023. Authorities haven’t confirmed stories that he should still be in Australia.
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