News

JPEX Mobile App Is Currently Blocked After Scam Reports In Hong Kong

Key Points:

  • Hong Kong telecom providers blocked JPEX’s mobile app due to police instructions.
  • The company is under investigation for a HK$1.2 billion fraud, leading to eight arrests.
  • It used misleading tactics to lure investors, resulting in multiple victims.
In a recent development, the virtual asset trading platform JPEX has found itself embroiled in a suspected conspiracy to commit fraud, with victims reporting disruptions to the platform’s mobile application, as reported by a local news outlet.
JPEX Mobile App Is Currently Blocked After Scam Reports In Hong KongJPEX Mobile App Is Currently Blocked After Scam Reports In Hong Kong
JPEX Mobile App Is Currently Blocked After Scam Reports In Hong Kong 2

Users of Hong Kong telecommunications service providers 1010 and CSL have encountered difficulties accessing the JPEX mobile app. The police have reportedly issued instructions to local telecommunications service providers to block the application, potentially leading to further blocks by other providers.

Telecommunications companies, while not taking proactive measures to block the JPEX application, have complied with police directives. This action is in line with established mechanisms involving the Office of the Communications Authority (OFCA), the police, and local telecom providers aimed at preventing scams and counterfeit websites. Given the fraudulent nature of JPEX, these instructions were followed.

JPEX, in response to the disruptions, advised affected customers to utilize VPN networks or the web version for normal platform access. The company reassured users that all platform operations were running smoothly.

As Coincu reported, Hong Kong authorities have intensified their investigation into JPEX, suspecting a conspiracy to defraud involving an estimated HK$1.2 billion. Eight individuals, including the owner of an over-the-counter exchange shop, have been arrested in connection with the alleged fraud.

Senior Superintendent Kong Qingxun of the Commercial Crime Investigation Bureau revealed that JPEX had employed a multifaceted strategy, including advertising, social media campaigns, and collaborations with internet influencers, to promote off-site transactions. The platform enticed unsuspecting investors with promises of “high risk and low return,” leading to a substantial number of reported victims.

This ongoing investigation underscores the importance of regulatory vigilance in the virtual asset trading sector and serves as a warning to investors about potential risks associated with such platforms.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Top Cryptos to Buy Today: Enhance Your Crypto Holdings with BlockDAG, Ethereum, Solana & Cardano

Discover the top cryptos to buy today, including BlockDAG, Ethereum, Solana, and Cardano. Learn why…

26 minutes ago

Regretting Missing Bonk’s ICO? BTFD Coin’s $5M Presale Is One of the Top Cryptos to Join for Short-Term ROI

In this article, we’ll dive into how you can still get in early on one…

41 minutes ago

GeForce RTX 50 Series Powers 8x Faster Frames With DLSS 4

GeForce RTX 50 Series deliver groundbreaking performance with 92 billion transistors, doubling the capabilities of…

1 hour ago

20 State-Level “Strategic Bitcoin Reserve” Bills Will Be Proposed in U.S.

You won’t believe which twenty U.S. states are racing to secure "Strategic Bitcoin Reserve" bills,…

2 hours ago

FOMO from Pepe Coin’s ICO? BTFD Coin’s Referral Programme Can Save Your Day as One of the Best New Meme Coins with 100x Potential

With its presale performance already boasting over $5 million raised and 62 billion BTFD coins…

2 hours ago

Good News for Traders! BlockDAG Offers Unlimited Instant USDT Rewards; TRX & ADA Show Potential for 2025

Delve into BlockDAG's unlimited 6-10% USDT cashback program. Get the latest on TRON market analysis…

2 hours ago