More than 70 people have been arrested so far in connection with the JPEX Exchange cryptocurrency scandal that led to the eventual loss of HK$1.6 billion.
Hong Kong Tackling Biggest Financial Fraud Case
Local news outlet South China Morning Post reported the arrest of these suspects earlier on Thursday. According to an update offered by Hong Kong Police Commissioner Raymond Siu Chak-yee, these arrests were made on the Island.
“The force has received 2,636 reports with regard to the case as of today, and the amount involved is about HK$1.6 billion,” he said.
The case, which is emerging as Hong Kong’s biggest case of alleged financial fraud, started in September 2023 after Bitrace stated the possibility of Rugpull activities at JPEX Exchange.
The exchange faced charges of involvement in a money laundering scheme. An internet celebrity was even arrested for endorsing the JPEX cryptocurrency exchange. Six other people were also detained by Hong Kong authorities including social m
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