JPEX Fraud Case: 30 More People Arrested, Totaling 66 So Far


In the latest update regarding the JPEX virtual asset trading platform fraud case, an additional 30 individuals have been apprehended, raising the total number of arrests to 66. All those taken into custody have been released on bail and are currently awaiting further investigation. They are mandated to report to the authorities between late December and late January.

November 27, 2023 - Swift developments unfold in the financial fraud case surrounding the JPEX virtual asset trading platform as 30 additional suspects are arrested, bringing the total to 66 and marking it as the largest scam in Hong Kong's financial history.


As of now, all detained individuals have been granted bail, awaiting further investigation. According to regulations, they are required to report to the police between late December and late January.


The JPEX case is a major financial fraud incident primarily occurring in Hong Kong. The Jade Stone Digital Asset platform (JPEX) claims to be a global digital asset and encrypted trading platform established in 2020. However, in September 2023, the Hong Kong Securities and Futures Commission identified multiple suspicious aspects of JPEX. Subsequently, users reported difficulties withdrawing funds, leading the Hong Kong police to take action in September of the same year, arresting individuals involved.


JPEX operates in both Hong Kong and Taiwan, with its official website claiming its operational headquarters are in Dubai, United Arab Emirates, and plans to establish a research and development headquarter in Sydney, Australia. However, JPEX is not registered or approved to operate in the relevant countries.



The platform extensively advertised in physical spaces in Hong Kong and heavily promoted its platform currency, JPC, through the entertainment industry and online influencers, claiming to yield nearly 20% annual interest. As early as July 2022, JPEX was listed by the Hong Kong Securities and Futures Commission as an unlicensed company and a suspicious website, though no further action was taken at the time. By September 2023, Hong Kong police initiated actions, arresting multiple individuals, including influencers promoting JPEX. Additionally, the police requested the blocking of JPEX's website and application, and on October 4, announced the implementation of the "DAO Stakeholder Dividend Plan," yet many clients still face challenges withdrawing funds.


This case involving the unlicensed cryptocurrency trading platform, JPEX, has garnered widespread attention. Hong Kong law enforcement has received reports from 2,623 victims, with an estimated amount involved of approximately HKD 1.6 billion. Police emphasize that the investigation is ongoing, and more arrests are not ruled out. Criminal investigators are actively pursuing the case, continuing to liaise with those involved to provide relevant information to assist in the police investigation.



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