The Hong Kong Police had mentioned that, as of last Monday night, they had arrested 8 individuals and indicated that there could be further arrests, following complaints from 1,641 people who reported losing approximately 1.19 billion Hong Kong dollars (152 million dollars) on the JPEX cryptocurrency exchange.
Access to JPEX Exchange Blocked
According to a report from the local South China Morning Post newspaper today, the Hong Kong police conducted raids on multiple addresses in the city and arrested 3 more individuals, bringing the total number of arrests to 11 in connection with the alleged fraud case. Additionally, the police have blocked access to the JPEX exchange’s website and mobile application. Furthermore, assets related to this fraud case have reportedly been seized.
JPEX has confirmed that access to its official website and mobile app has been restricted following these developments. It has been alleged that the Hong Kong Securities and Futures Commission ‘unreasonably blocked’ their platforms. Therefore, JPEX has advised its users to utilize VPN services to regain access.