• Hong Kong police have frozen belongings totaling greater than $29 million associated to JPEX.
• 72 folks have been arrested in reference to JPEX.
• Regardless of ongoing investigations, the identities and areas of the folks behind JPEX stay unconfirmed.

After months of inactivity, Hong Kong police authorities have begun freezing belongings totaling greater than US$29 million associated to cryptocurrency trade JPEX, which collapsed in September 2023.

In one other swift transfer, police made additional arrests, bringing the full variety of people related to JPEX, together with workers and social media influencers, to 72. Greater than 2,600 folks have been estimated to have suffered damages amounting to US$206 million, in keeping with Police Commissioner Raymond Siu. Will depend on the connection with JPEX.

Nonetheless, authorities haven’t confirmed the identification or location of the people or entities behind the defunct exchanges. Consequently, no costs have been filed in reference to this incident. Mr. Siu revealed that in 2023, crypto-related fraud accounted for greater than half of funding losses of USD 764 million.

The Hong Kong Securities and Futures Fee (SFC) has taken obligatory steps to handle this concern by arresting people related to JPEX, together with influencer Joseph Lam and feng shui professional Clement Chan. Lectured. Equally, authorities arrested an unidentified suspect who tried to destroy paperwork utilizing bleach in a tub.

Moreover, the SFC has taken steps to dampen criticism from lawmakers by itemizing platforms which are searching for licenses or are deemed questionable. However, the identification of suspicious platforms typically follows person complaints and monetary losses, indicating delays in regulatory motion.

One such case is BitForex, a cryptocurrency trade platform that claims to be primarily based in Hong Kong. Roughly US$57 million was withdrawn from the corporate's pockets in late February, weeks after CEO Jason Luo introduced his resignation.

Later, a token undertaking related to BitForex claimed to have contacted Mr. Luo, who revealed that he was below investigation in mainland China. Nonetheless, these claims await official affirmation.

Hong Kong authorities have posted messages towards scams in public locations resembling college bathrooms, residential buildings and subway stations. Moreover, cellular networks resembling China Cellular Hong Kong concern pop-up alerts that warn customers about potential fraudulent calls from worldwide numbers.