Hong Kong Police: The JPEX crackdown found 8 million yuan in cash and froze more than 12 million yuan in bank deposits and 44 million yuan in properties

Odaily News: The Hong Kong police stated at a briefing on the JPEX case that as of 10 oclock last night, the police had received 1,641 reports claiming that they were unable to withdraw assets at JPEX and were suspected of being defrauded, involving approximately HK$1.2 billion. Hong Kong Commercial Crime Bureau Acting Chief Inspector Mak Wai-kwong said that 4 men and 4 women, aged between 22 and 52, have been arrested so far for conspiracy to defraud. He pointed out that 8 million yuan in cash was found during the operation, and more than 12 million yuan in bank deposits and 44 million yuan in properties have been frozen. The 67 million yuan in assets are suspicious criminal proceeds. Hong Kong Police Commercial Crime Investigation Bureau Senior Superintendent Kong Qingxun said that JPEX used advertising, social media, over-the-counter currency exchange shops, and KOL promotion to promote platform services, claiming low risk and high returns. However, many citizens who were defrauded in the case lacked virtual currency. Investment experience, describing the returns claimed by JPEX as “too good to be true”, and recommending users to convert other cryptocurrencies into JPC tokens issued by JPEX, which have little liquidity on other platforms, and some owners even Submit the private key of the encrypted asset to JPEX. (Hong Kong Economic Daily)