The city of Hong Kong is facing what is reportedly its “largest-ever fraud case” as the number of victims in the JPEX saga continues to rise, with local police making more arrests in connection with the case. 

The JPEX Case

According to a report by Hong Kong Free Press (HFRP), 2,086 persons have been identified so far as victims of the crypto exchange JPEX’s fraudulent actions. The police are also said to have arrested three more people who are suspected of being conspirators in the financial fraud, which has caused investors to lose over $166 million.

One of those arrested is former lawyer and crypto influencer Joseph Lam, who happens to have close ties with the crypto exchange. These arrests bring the total number of arrests to 11, and the investigation is said to be ongoing, with more arrests expected to be made. 

The JPEX saga began when Hong Kong’s financial regulator, The Securities and Futures Commission (SFC), released a statement on September 13 warning investors that JPEX wasn’t licensed to operate a virtual asset trading platform (VATP) in the city. It also mentioned that there was no pending application by the exchange to operate in Hong Kong.

This warning was released in rebuttal of the exchange’s representation on its website that it is “a lice

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Author: Scott Matherson

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