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News

JPEX Leader Reportedly In Australia After Fraud Causing 4,000 Victims With $178 Million

September 23, 2023 - Around 2 mins mins to read

Key Points:

  • Key suspects in Hong Kong’s major crypto fraud case evade capture.
  • JPEX leader was sought in Australia, leaving 4,000 victims with $178 million in losses.
  • The cryptocurrency community was rattled by JPEX’s sudden collapse despite high-yield promises.
The masterminds behind Hong Kong’s most significant alleged financial fraud are believed to be evading authorities as investigators uncover startling details in the HK$1.4 billion ($178 million) cryptocurrency scandal.
JPEX Leader Reportedly In Australia After Fraud Causing 4,000 Victims With $178 Million

JPEX Leader Reportedly in Australia to Avoid Cryptocurrency Fraud Scandal

The focus of the investigation is now shifting towards understanding how much these suspects knew about the JPEX cryptocurrency platform’s operations before the scandal came to light.

The leader of JPEX is suspected to be in Australia, where the company has been urgently deregistered. Hong Kong police have announced their intention to seek assistance from Interpol in apprehending the fugitive leader, as nearly 4,000 victims have reportedly lost approximately US$178 million.

Key Suspects in Hong Kong on the Run

The South China Morning Post has reported that the 11 individuals questioned by local police may not be the key players in this burgeoning case.

Authorities are also delving into the connections some suspects may have had with over-the-counter virtual asset money changers, shedding light on potential accomplices.

As of now, police have received 2,265 complaints from victims, resulting in 11 arrests related to fraud and operating an unlicensed virtual assets exchange. Lam, a figure connected to the scandal, distanced himself from JPEX during a press conference, asserting that he was no longer involved in the business.

Furthermore, investigations have revealed that Kwok Ho-lun, the company’s sole director, is among those sought by police. Kwok also holds directorship in CoinLedge Limited and Crypto Wesearch Media Limited, both connected to blockchain and cryptocurrency activities.

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.

Australia

Cypto

hong kong

JPEX

Kwok Ho-lun

Author

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.
News

JPEX Leader Reportedly In Australia After Fraud Causing 4,000 Victims With $178 Million

Key Points:

  • Key suspects in Hong Kong’s major crypto fraud case evade capture.
  • JPEX leader was sought in Australia, leaving 4,000 victims with $178 million in losses.
  • The cryptocurrency community was rattled by JPEX’s sudden collapse despite high-yield promises.
The masterminds behind Hong Kong’s most significant alleged financial fraud are believed to be evading authorities as investigators uncover startling details in the HK$1.4 billion ($178 million) cryptocurrency scandal.
JPEX Leader Reportedly In Australia After Fraud Causing 4,000 Victims With $178 Million

JPEX Leader Reportedly in Australia to Avoid Cryptocurrency Fraud Scandal

The focus of the investigation is now shifting towards understanding how much these suspects knew about the JPEX cryptocurrency platform’s operations before the scandal came to light.

The leader of JPEX is suspected to be in Australia, where the company has been urgently deregistered. Hong Kong police have announced their intention to seek assistance from Interpol in apprehending the fugitive leader, as nearly 4,000 victims have reportedly lost approximately US$178 million.

Key Suspects in Hong Kong on the Run

The South China Morning Post has reported that the 11 individuals questioned by local police may not be the key players in this burgeoning case.

Authorities are also delving into the connections some suspects may have had with over-the-counter virtual asset money changers, shedding light on potential accomplices.

As of now, police have received 2,265 complaints from victims, resulting in 11 arrests related to fraud and operating an unlicensed virtual assets exchange. Lam, a figure connected to the scandal, distanced himself from JPEX during a press conference, asserting that he was no longer involved in the business.

Furthermore, investigations have revealed that Kwok Ho-lun, the company’s sole director, is among those sought by police. Kwok also holds directorship in CoinLedge Limited and Crypto Wesearch Media Limited, both connected to blockchain and cryptocurrency activities.

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.