JPEX has begun to restrict withdrawals by converting user balances to a non-withdrawable cryptocurrency, according to reporting from The South China Morning Post on Oct. 4.
The publication referenced statements from an unidentified user who claimed that her Tether (USDT) holdings along with those of others had been converted into JPC, JPEX’s own token, rendering them unable to withdraw their crypto balances.
JPC has an unknown price and is impossible to withdraw, according to the user, who compared her new account balance to “waste paper.” Data from CoinGecko indicates that JPC has a drastically reduced value and is not traded on any recognized exchanges.
The South China Morning Post additionally suggested that JPEX is beginning to take steps toward implementing its decentralized autonomous organization (DAO) proposal — a plan that gained majority approval from voters on Sept. 28.
According to a JPEX announcement quoted by the SCMP, the proposal includes a shareholder dividen
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