On Friday, officials in Hong Kong and Macao said that they had arrested four more people with ties to the cryptocurrency exchange JPEX, which is accused of bilking over 2,400 users out of about $200 million.

The overall number of detentions has now reached 18 after these arrests, which the authorities have described as involving those “relatively close” to the core of the issue.

Police in Hong Kong announced the arrest of two individuals on Friday, one of whom had been using paper shredders and laundry bleach to destroy papers.

Inquiry Into JPEX Operations

The most recent police investigation resulted in the seizure of cash and gold totaling approximately $9 million Hong Kong dollars ($1.15 million) from three separate apartments.

Following increased regulatory monitoring of JPEX, which resulted in the freezing of cash on the exchange platform, the latest arrests have taken place. Recent allegations of unlicensed operation by the Hong Kong Securities and Futures Commission led to the freeze of JPEX’s assets.

The inquiry has reportedly reached those “very close” to the core of JPEX’s operations, according to Assistant Police Commissioner Chung Wing-man, but it is unclear at this time if the mastermind is a group or an individual.

This example highlights the necessity for strict crypto licensing legislation, and the regulatory agency has stated its plan to publish information about license applicants as a response.

As of today, the market cap of cryptocurrencies stood at $1.05 trillion. Chart: TradingView.com

Hong Kong’s leader John Lee has stated the episode demonstrates the necessity for strict crypto licensing rules, but the exchange has said its “unfair” treatment could threaten Hong Kong’s efforts to become a crypto center.

Impact On Investors

Meanwhile, a number of investors had their account balances changed or were unable to withdraw money. JPEX halted tr

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Author: Christian Encila

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