Hong Kong Court Adjourns $206M JPEX Fraud Case Until March: Report
Prosecutors in Hong Kong’s JPEX fraud case secured a court adjournment until March 16 next year to organise case files. The accused include social media influencers such as Joseph Lam, Chan Wing-yee, Cheng Chun-hei, and Chiu King-yin, who allegedly promoted JPEX and its over-the-counter cryptocurrency trading shops. Charges include conspiracy to defraud, fraud, inducing fraudulent investment in virtual assets, and handling criminal proceeds. Seven of the eight defendants present were granted bail; Cheng Chun-hei remains in custody. JPEX collapsed in September 2023 after the Securities and Futures Commission identified it as unlicensed and misleading, resulting in over 2,700 victims losing more than $206 million. Sixteen people have been charged in connection with the case, with more than 80 arrests overall. Charges range from fraud and money laundering to obstructing justice. The scandal has led to stricter regulatory communication and dampened enthusiasm for cryptocurrencies in Hong Kong, where authorities aim to become a digital asset hub. JPEX also targeted users in the Philippines and Taiwan. Three suspected ringleaders remain at large under Interpol red notices.
