Hong Kong And Macau Police Seize $2.8M In JPEX Fraud Case

Macau casinos seized $1.7 million in cash in a crackdown on money laundering, confiscating assets.
Hong Kong and Macau Police Seize $2.8M in JPEX Fraud Case

Authorities in Hong Kong and Macau arrested a total of 18 suspects in a JPEX crypto exchange case and seized $2.8 million in cash and gold, according to local news.

In Hong Kong, two people were charged with using Macau casinos to launder criminal money, prompting the seizure of casino assets and the confiscation of $1.7 million in cash. Two more people were arrested. One was caught trying to destroy evidence.

The problem started when Hong Kong’s financial regulator issued a statement warning the exchange JPEX for operating without necessary approvals. Then, the exchange hiked withdrawal fees and lost key members to an event in Singapore.

Arrests have followed targeting those linked to JPEX, such as crypto influencers and employees. But the masterminds are still at large, and Hong Kong police have asked Interpol for help.

The JPEX case has caused around $178 million in losses and over 2,300 victim complaints. Hong Kong authorities are determined to bring the responsible parties to justice and support the victims.

Also Read: HK SFC Blacklists ‘Suspicious” Crypto Platforms After JPEX Scam

Related Posts