JPEX Cryptocurrency Fraud Scandal in Hong Kong
The JPEX cryptocurrency scandal has shaken Hong Kong, with allegations of fraud amounting to a staggering HK$1.6 billion. As of late 2023, over 2,700 investors have reported losses tied to the unregulated crypto platform. Here’s the latest on the explosive case involving high-profile individuals, including crypto promoter Joseph Lam.
Allegations of False Investment Claims
The case revolves around Joseph Lam, a former barrister turned cryptocurrency influencer, and seven others accused of promoting JPEX through misleading claims. Between July and September 2023, Lam allegedly assured investors that JPEX held multiple international licenses and provided exclusive insider knowledge. However, Hong Kong’s Securities and Futures Commission later declared JPEX unregulated, triggering panic among investors.
High Court Transfer and Bail Conditions
Prosecutors have requested the transfer of the case to the High Court due to its severity. A committal hearing is set for December 15, 2025. While Lam and YouTuber Chan Wing-yee were released on bail with cash deposits of HK$300,000 each, one defendant, former TVB actor Cheng Chun-hei, remains in custody as bail was denied. Other defendants paid bail amounts ranging from HK$50,000 to HK$100,000 under stringent conditions.
Interpol Red Notices Issued
Three suspects involved in the case fled Hong Kong, prompting Interpol to issue Red Notices. The individuals—Mok Tsun-ting, Cheung Chon-cheng, and Kwok Ho-lun—are being actively pursued as authorities continue their investigations.
The Impact on Investors
The JPEX scandal highlights the risks associated with unregulated cryptocurrency investments. It is a sobering reminder for investors to diligently verify the licensing and credibility of platforms before committing their funds. Those affected by the scandal are urged to seek legal advice and report any additional claims to local law enforcement.
Protect Yourself in the Crypto Market
For those eager to explore cryptocurrency investments, consider using reputable platforms with strong security measures and regulatory compliance. Products like Ledger Nano X hardware wallets provide a secure way to store your crypto assets offline. Always conduct thorough research and exercise caution when dealing with speculative digital assets.
