Hong Kong Police Charge Influencer Joseph Lam in JPEX Crypto Fraud Case
Hong Kong authorities have escalated their crackdown on the JPEX cryptocurrency scandal, charging 16 individuals including social media influencer Joseph Lam Chok. The charges span fraud, money laundering, and promotion of unlicensed virtual asset products—marking a pivotal moment in the city's largest fintech fraud case.
Interpol has issued Red Notices for three fugitive suspects as investigators reveal JPEX's modus operandi: luring investors through OTC operators and influencers before freezing withdrawals. The platform's billboard campaigns promising "safe and easy" crypto profits now stand in stark contrast to the HK$1.6 billion (US$205 million) losses suffered by 2,700 victims.
The 2023 collapse saw withdrawal fees spike to 999 Tether, effectively trapping funds. Among those previously arrested were YouTube promoters Chan Wing-yee and Chu Ka-fai, underscoring regulators' focus on influencer accountability in unlicensed crypto schemes.
