WEB3

Six Arrested in NT$1 Billion JPEX Case Following China's Regulatory Referral

The case, involving approximately $31.3 million, has garnered police complaints from over 1,400 individuals.

BSCN

September 18, 2023

Further developments continue to unfold in relation to the JPEX scandal, as local authorities have reportedly arrested six individuals - four men and two women suspected of involvement in a “conspiracy to defraud”. The case, involving approximately NT$1 billion (approximately $31.3 million), has been reported by over 1,400 individuals, according to the police.

The arrests come on the heels of the China Securities Regulatory Commission's (SFC) referral to the police on September 14. Following a swift investigation, law enforcement agencies from various districts executed the arrests.

In a statement issued on September 18, JPEX said that it has always been willing and pleased to comply with the policy regulations and license supervision systems of different regional governments, despite the challenges it has faced in Hong Kong. JPEX expressed disappointment in the SFC's practices, which contradict Hong Kong's Web 3.0 development goals and call into question its role as a fair regulator.

Notably, an earlier report revealed the arrest of Lam Zuo, a former lawyer and crypto influencer, as a key suspect involved in promoting the crypto exchange.

The platform has, however, pledged to continue operations and prioritize assisting users with withdrawals.

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