Authorities in Hong Kong have filed charges against sixteen individuals, including Joseph Lam Chok, a former lawyer who later became an online influencer.
The group was accused of involvement in a cryptocurrency-related case involving over $205 million USD (HK$1.6 billion) linked to the JPEX platform.
The allegations include fraud, conspiracy to defraud, and breaching money laundering laws. These charges follow a lengthy investigation into JPEX’s operations, which functioned as a crypto exchange without a valid local license.
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According to police, over 2,700 people invested in JPEX. Many of these investors were drawn in through social media promotions and storefront-style crypto shops that helped channel funds into the platform.
Joseph Lam was arrested in September 2023 after promoting the platform online. His arrest occurred after the Securities and Futures Commission (SFC) issued a public notice warning that JPEX was not registered and may be misleading users.
Since the investigation began, police have arrested more than 80 people believed to be connected to JPEX’s operations. In the process, they also seized around $28 million (HK$228 million) in assets, including cash and other valuables.
Despite the arrests, authorities said three individuals believed to have played roles in the case remain at large. Interpol notices have been issued for them, which request international law enforcement assistance to locate and detain them.
On October 16, five individuals were arrested by London’s Metropolitan Police in connection with a suspected cryptocurrency scam. How did the case unfold? Read the full story.
