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Beware of JPEX withdrawal scam!Thousands of Hong Kong sufferers suffered a loss of HK$1 billion, and Internet celebrity Chen Yi was arrested by Hong Kong police for fraud | DongZu DongTun – the most influential blockchain news media


The controversy over the cryptocurrency exchange JPEX continues to ferment. The latest news from the Hong Kong police pointed out: As of 14:00 noon today (18th), a total of 1,408 people have received reports on related incidents.The amount involved is approximately HK$1 billion.
(Recap:Suspected of partnering with JPEX!Internet celebrity Lin Zuo was arrested by Hong Kong police and his office was thoroughly searched)
(Background supplement:The Hong Kong Securities and Futures Commission will take the initiative to announce “unlicensed exchanges” in the future. Councilor Chan Chun-ying: Learn from the lessons of JPEX)

addSince the cryptocurrency exchange JPEX was named by the Hong Kong Securities Regulatory Commission on the 13th as having failed to obtain a regulatory license and had no intention of applying for a license from the authorities, it has had problems with withdrawing money. It is suspected of secretly transferring assets, registering a “head company”, etc. Many doubts have arisen. Lin Zuo, a top Hong Kong internet celebrity who vigorously promotes JPEX, was also arrested by Hong Kong police this morning and his office was raided.

Further reading:JPEX incident for lazy people》China Securities Regulatory Commission warning, asset transfer, card withdrawal, booth clearing, headcount company… (updated in real time)

Hong Kong MP: The amount involved exceeds HK$100 million

Hong Kong Legislative Council member Ng Kit-chuang held a press conference with some JPEX owners today and said that he has received about 30 cases for help from users who have invested in JPEX. Most of these cases involve 6-digit Hong Kong dollars, and some involve 7 digits. Several HK dollars, and the total amount involved was more than 100 million Hong Kong dollars. He believed that the incident had a great impact and the Hong Kong Securities Regulatory Commission should improve public education.

Currently, the Securities and Futures Commission of Hong Kong has set a transition period for virtual asset trading platforms that intend to apply for licenses. Wu Jiezhuang revealed that as far as he knows, more than a hundred platforms have applied for licenses. However, the information currently available to investors is limited. It is recommended that the Securities and Futures Commission should announce it in List of platforms during the transition period.

Updated at 21:00》The Hong Kong police pointed out that as of 14:00 this afternoon (18th), a total of 1,408 people have received reports on related incidents.The amount involved is approximately HK$1 billion.

Victim comes forward to complain

Mr. A, the sufferer who attended the press conference, said that he had a total of 6 digits of Hong Kong dollars that he could not withdraw on JPEX. He had been withdrawing and depositing money normally before. Usually, he can withdraw money within half a day, and it can take a minimum of a few minutes and a maximum of 8 hours. The currency was successfully withdrawn, and the last withdrawal was in early September, but no further withdrawals were possible until the Hong Kong Securities and Futures Commission issued a warning.

Mr. A revealed that he had heard of people investing 7-digit or even 8-digit Hong Kong dollars on the JPEX platform, and his investment in JPEX was influenced by some celebrities and KOLs.

The victims, Mr. A and Ms. B, discuss the amount of losses.Source: Ming Pao

Ms. B, the sufferer, pointed out that in March this year, she was introduced by an OTC company and started investing in cryptocurrency. During this period, the company lobbied her to buy JPEX platform currency JPC and other products, claiming that JPC would continue to appreciate and JPEX would develop better.

Ms. B said that the OTC company played a good role in the process, including educating people about blockchain and operating like a big family. Until the Hong Kong Securities and Futures Commission issued a warning, she had not withdrawn the money, and the loss amounted to 6 figures. Hong Kong dollars, I also heard that some friends pledged their wealth to invest.

A representative of the licensed virtual asset exchange Hashkey, who was invited to attend the press conference, said that virtual currency trading has been developed for more than ten years, but it has lacked regulations for a long time. As a result, there have been many high-risk business behaviors such as high-interest financing, false propaganda, and market manipulation. This has This is a widespread situation in the entire industry. We call on the public to choose licensed institutions for investment activities, especially inexperienced investors, to protect the safety of their assets.

Beware of secondary withdrawal fraud

On the other hand, rumors circulated in the community that someone had “successfully withdrawn money.” After checking the data on the chain, it was found that there were unreasonable and unexplainable things. Victims believe that JPEX continues to create the illusion that “withdrawal” is possible to slow down the progress of reporting to the police, allowing them enough time to destroy evidence and abscond. Appeal:

If the victim falls into the trap and hands over their personal data, the consequences can be disastrous. Please report the crime to the electronic reporting center as soon as possible. Only freezing the funds through police investigation is the best way to recover the funds.

In addition, the JPEX Sufferer Group also warned that there were fraudulent messages in the community claiming that as long as you deposit 30% of JPEX, you can get the remaining 70%, and warned users to be careful.

Further reading:JPEX Self-Rescue Guide” three-step screenshot of assets/deposits and withdrawals; Hong Kong police: nearly a hundred people reported the case, and the amount involved exceeded 34 million

KOL Chen Yi arrested

According to Hong Kong 01 reports, in addition to the arrest of Lin Zuo, the KOL “Chen Yi” who promoted JPEX was also arrested on suspicion of conspiracy to commit fraud. Chen Yi operates cryptocurrency on the 12th floor of Wing On Plaza in Tsim Sha Tsui, Hong Kong, and Fuk Fook Street, Yuen Long. Regarding the exchange shop business, some netizens shared photos and pointed out that there were security guards guarding the entrance and exit of Chen Yi’s office in Wing On Plaza, and there were screens blocking the entrance to the office. It was reported that police officers broke into the office to search.

Source: Liandeng Discussion Forum

After JPEX was named and warned by the Securities and Futures Commission of Hong Kong, Chen Yi, who has 220,000 subscribers on YouTube, once recorded a video to criticize the Securities and Futures Commission, saying, “It is a pity that the government has not enacted a fake news law, otherwise we will see all the staff of the Securities and Futures Commission imprisoned.” He also said The Hong Kong government takes advantage of JPEX.


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