Hong Kong and Macao Police Nab Four More Suspects in JPEX Crypto Platform Scam

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By BitcoinWiki News

Key Takeaways:

– Hong Kong and Macau police have arrested four additional suspects in connection with the JPEX cryptocurrency platform scam.
– Two individuals were apprehended in Macau and returned to Hong Kong for investigation.
– The detained pair had HK$6.5 million in cash and valuables and HK$8.2 million frozen in their casino accounts.
– There are no formal extradition agreements between Hong Kong and Macau, so the decision regarding the suspects will be determined by the courts in Macau.
– The total number of arrests related to the JPEX scam in Hong Kong has reached 18.
– JPEX targeted retail investors through extensive advertising campaigns and promised high returns.
– Hong Kong’s Securities and Futures Commission accused JPEX of operating without a license and engaging in “suspicious” activities.
– Hong Kong and Macau police have received 2,417 complaints involving alleged losses exceeding HK$1.5 billion.
– The fallout from the JPEX debacle may present challenges for virtual asset companies and hinder the government’s efforts to expand the sector.
– Analysts believe that the long-term prospects for the industry may still be promising, despite the JPEX saga.
– The recent enforcement actions against JPEX demonstrate Hong Kong’s commitment to building an institutional digital asset economy with strong protection for retail investors.
– No mention of BTC or Bitcoin in the provided text.


Hong Kong and Macao police have arrested four additional suspects in connection with the JPEX cryptocurrency platform scam. Two individuals from Hong Kong were apprehended in Macau and have been returned to Hong Kong for investigation. They were found in possession of HK$6.5 million in cash and valuables, with an additional HK$8.2 million frozen in their casino accounts. Two more men, both 28 years old, were also detained last week in connection with the JPEX case. The total number of arrests related to the JPEX scam has reached 18, with more expected to follow.

JPEX, which was established in 2021, targeted retail investors through advertising campaigns and promised high returns. However, on September 13, Hong Kong’s Securities and Futures Commission accused the platform of operating without a license and engaging in suspicious activities. The ongoing investigation has received 2,417 complaints involving alleged losses exceeding HK$1.5 billion.

The fallout from the JPEX case is expected to present challenges for virtual asset companies and hinder the government’s efforts to expand the sector. However, analysts believe that the long-term prospects for the industry may still be promising. The recent enforcement actions against JPEX demonstrate Hong Kong’s commitment to building an institutional digital asset economy with strong protection for retail investors.

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