A local media source, Radio Television Hong Kong, has reported the detention of two individuals from Hong Kong linked to the JPEX case. According to the report, these two individuals were responsible for creating accounts at casinos in Macau with the intention of laundering illegal funds. When the suspects were apprehended, the police froze their assets at the casinos and seized approximately 14 million Hong Kong dollars (1.7 million dollars) in cash.
Meanwhile, the South China Morning Post has reported the arrest of two additional individuals, with one of them allegedly caught attempting to shred potential evidence in the bathroom using paper shredders and bleach. This brings the total number of suspects in custody to 18. Additionally, cash and gold worth 8.7 million HKD (1.1 million dollars) were seized in three apartments during the recent police operations.
The Beginning of the Scandal
This scandal began when Hong Kong’s financial regulatory authority warned JPEX for operating its services without a license in Hong Kong. Following the warning, the exchange raised withdrawal fees to nearly $1,000 and its staff abandoned their booths at the recent Token 2049 event in Singapore.
Since the incident started, authorities have detained various individuals connected to the case, including crypto influencers and employees of JPEX. However, the key figures in the JPEX fraud scandal remain at large, and Hong Kong police have requested assistance from Interpol to locate the suspects.
According to officials, the JPEX scandal has become one of the largest fraud cases in Hong Kong’s history, collecting more than 2,300 complaints from victims and causing an estimated loss of around 178 million dollars. Hong Kong’s Secretary for Security, Chris Tang Ping-keung, has pledged to deliver justice to the victims and stated that they will continue their pursuit of those responsible.