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Hong Kong Charges 16 in JPEX Crypto Fraud Case, Seizes HK$228M in Assets

Hong Kong Charges 16 in JPEX Crypto Fraud Case, Seizes HK$228M in Assets

Author:

Global Cryptocurrency

Published:

2025-11-06 06:35:02

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BTCCSquare news:

Hong Kong authorities have charged 16 individuals, including former barrister Joseph Lam, in connection with the JPEX crypto fraud case involving HK$1.6 billion. The group, comprising 12 men and 4 women, allegedly operated an unlicensed VIRTUAL asset trading platform that defrauded investors.

Police identified six as primary members, seven as promoters, and three involved in over-the-counter trading. The suspects are accused of orchestrating a scheme to launder stolen funds. Investigators have seized HK$228 million in assets, while Interpol pursues three key suspects abroad.

This marks Hong Kong's first prosecution under anti-money laundering laws targeting a cryptocurrency platform. The case, initially investigated in September 2023, represents one of the territory's largest financial frauds involving digital assets.

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