Hong Kong Charges 16 in JPEX Crypto Scandal Involving HK$1.6 Billion
Hong Kong authorities have launched a sweeping crackdown on the JPEX cryptocurrency scandal, charging 16 individuals in what has become the city's largest financial fraud case. The alleged scheme defrauded over 2,700 investors of more than HK$1.6 billion, with police seizing HK$228 million in assets during their investigation.
Among those charged is Joseph Lam, a former barrister turned social media influencer, accused of promoting unlicensed VIRTUAL assets and making false claims about JPEX's legitimacy. Lam allegedly misled investors by asserting the platform held international licenses and exclusive privileges between July and September 2023, despite regulatory warnings.
The case has ensnared multiple online personalities, including actor Cheng Chun-hei who faces forgery charges, along with several YouTubers and traders accused of fraud and money laundering. Prosecutors contend the defendants created a false sense of security around JPEX operations.
