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The single largest financial fraud case in Hong Kong history has been uncovered involving the unlicensed cryptocurrency exchange in Hong Kong, JPEX in which more than 1600 investors lost HK$1.19 billion in assets. This included the largest HK$40 million loss by a single investor.
Days after the SFC’s warning, allegations surfaced that JPEX had significantly inflated its administrative fees, actually preventing users from withdrawing their assets.
Subsequently, Hong Kong police received over 1,641 complaints against JPEX, amounting to HK$ 1.19 billion as of 10:30 p.m. on Monday.
Eight people have been arrested in connection with this alleged fraud by JPEX, with a seizure of HK$8 million in cash, frozen property and bank accounts worth almost HK$60 million as part of their investigation, police said on Tuesday.
The Commercial Crime Bureau, Senior Superintendent Kung Hing-fun said many JPEX investors lack experience and seem to have been hoodwinked by social media influencers into believing opportunities that were "too good to be true".
JPEX enlisting local celebrities and social media personalities for promotion.
"They used social media platforms, put up advertisements, and promoted 'high return, low risks' associated with the products of JPEX," he told the reporters.
Securities and Futures Commission (SFC) announced last week that JPEX was unlicensed and did not have the authority to operate its cryptocurrency trading platform in the city. It also asked influencers to stop related promotions.
Meanwhile, Chief Executive John Lee Ka-chiu said on Tuesday that the government would tighten regulation of digital assets trading and improve efforts to educate investors after the controversial scandal.
JPEX醜聞：八人因香港投資者報告損失11.9億港元（1.54億美元）而被捕
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香港史上最大單件金融詐騙案曝光，涉及香港無牌加密貨幣交易所JPEX，導致1,600多名投資人損失11.9億港元資產。 其中包括單一投資者最大的4,000萬港元損失。
在證監會發出警告幾天后，有指控稱 JPEX 大幅提高了其管理費用，實際上阻止了用戶提取資產。
隨後，截至晚上10時30分，香港警方收到超過1,641件針對JPEX的投訴，涉案金額達11.9億港元。 週一。
八人因涉嫌 JPEX 詐欺而被捕，
警方週二表示，作為調查的一部分，警方查獲了 800 萬港元現金、凍結的財產和價值近 6,000 萬港元的銀行帳戶。
商業罪案調查科高級警司龔慶芬表示，許多 JPEX 投資者缺乏經驗，似乎被社群媒體影響者蒙蔽，相信機會「好得令人難以置信」。
JPEX 招募當地名人和社群媒體人士進行推廣。
“他們利用社交媒體平台，發布廣告，宣傳與 JPEX 產品相關的‘高回報、低風險’，”他告訴記者。
證券及期貨事務監察委員會（證監會）上週宣布， JPEX 無執照，無權在香港營運其加密貨幣交易平台。 它還要求有影響力的人停止相關促銷活動。
同時，執行長李家超週二表示，在有爭議的醜聞發生後，政府將加強對數位資產交易的監管，並加強對投資者的教育力度。
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