Hong Kong police has arrested a social media influencer, Joseph Lam Chok this morning (Monday) for his involvement with the cryptocurrency buying and selling platform, JPEX, which is going through allegations of fraud, in response to the South China Morning Submit.
The arrest got here hours after the troubled change confirmed the suspension of buying and selling actions following a probe by Hong Kong’s Securities and Futures Fee (SFC).
“Because of the unfair therapy by related establishments in Hong Kong in the direction of JPEX, a cryptocurrency buying and selling platform, and a sequence of adverse information, our partnered third-party market makers have maliciously frozen funds. They demanded extra info from the platform for negotiation, limiting our liquidity and considerably growing our every day working prices, resulting in operational difficulties,” the crypto change wrote in a weblog publish printed yesterday (Sunday).
One other FTX?
Hong Kong’s monetary markets regulator issued a warning in opposition to JPEX final week, highlighting that the change falsely claimed to have utilized for a license with the regulator. On its web site, the change claims to be licensed by securities authorities in Australia and has registration with the US Monetary Crimes Enforcement Community (FinCEN) as a Cash Companies Enterprise (MSB). Nonetheless, the SFC highlighted that these claims are false.
Hold Studying
The Hong Kong regulator acknowledged that JPEX promoted “its services to the Hong Kong public by social media influencers and key opinion leaders (KOLs) in addition to over-the-counter digital asset cash changers (OTC Outlets),” including that it has requested all of them to stop the promotions.
Actions in opposition to Influencers
The arrest of Lam Chok got here after the Hong Kong police revealed on Saturday that they’d obtained at the least 83 complaints associated to the change involving cryptocurrencies value about HK$34 million (US$4.3 million).
Hong Kong’s Social Media Sensation, Joseph Lam, Arrested in Daring HK$34 Million JPEX Crypto Scandal! pic.twitter.com/zSUlXRZRTM
— Crypto College (@TheCryptoU) September 18, 2023
Lam Chok, a lawyer-turned-influencer, is now being questioned by the Hong Kong police that additionally raided his workplace premises. In response to the native publication, the police seized many issues in a number of bins, together with a plastic bag of banknotes.
Moreover, JPEX vacated its Taipei workplace, and the authorities are questioning native influencers who promoted the change, in response to a neighborhood information outlet. An X.com (previously Twitter) person additional identified that JPEX deserted its sales space final week on the second day of the Token2049 convention held in Singapore, following the SFC’s warning.
The Platinum sponsor, JPEX, deserted their sales space at #Token2049 on the second day. 👀
On a aspect word, their brand seems fairly much like FTX. Is {that a} signal? 🤔 pic.twitter.com/KZw9o5vNgF
— J O Y (@joyxspacelatte) September 14, 2023
“Because of the third-party market makers limiting our liquidity and to adjust to coverage tips, all transactions on our Earn Buying and selling interface will likely be delisted on September 18, 2023, at 00:00 (GMT+8),” the troubled change added in its weblog publish. “Throughout this era, our devoted withdrawal crew answerable for dealing with emergency withdrawal requests will proceed to prioritize customers’ wants.”
Hong Kong police has arrested a social media influencer, Joseph Lam Chok this morning (Monday) for his involvement with the cryptocurrency buying and selling platform, JPEX, which is going through allegations of fraud, in response to the South China Morning Submit.
The arrest got here hours after the troubled change confirmed the suspension of buying and selling actions following a probe by Hong Kong’s Securities and Futures Fee (SFC).
“Because of the unfair therapy by related establishments in Hong Kong in the direction of JPEX, a cryptocurrency buying and selling platform, and a sequence of adverse information, our partnered third-party market makers have maliciously frozen funds. They demanded extra info from the platform for negotiation, limiting our liquidity and considerably growing our every day working prices, resulting in operational difficulties,” the crypto change wrote in a weblog publish printed yesterday (Sunday).
One other FTX?
Hong Kong’s monetary markets regulator issued a warning in opposition to JPEX final week, highlighting that the change falsely claimed to have utilized for a license with the regulator. On its web site, the change claims to be licensed by securities authorities in Australia and has registration with the US Monetary Crimes Enforcement Community (FinCEN) as a Cash Companies Enterprise (MSB). Nonetheless, the SFC highlighted that these claims are false.
Hold Studying
The Hong Kong regulator acknowledged that JPEX promoted “its services to the Hong Kong public by social media influencers and key opinion leaders (KOLs) in addition to over-the-counter digital asset cash changers (OTC Outlets),” including that it has requested all of them to stop the promotions.
Actions in opposition to Influencers
The arrest of Lam Chok got here after the Hong Kong police revealed on Saturday that they’d obtained at the least 83 complaints associated to the change involving cryptocurrencies value about HK$34 million (US$4.3 million).
Hong Kong’s Social Media Sensation, Joseph Lam, Arrested in Daring HK$34 Million JPEX Crypto Scandal! pic.twitter.com/zSUlXRZRTM
— Crypto College (@TheCryptoU) September 18, 2023
Lam Chok, a lawyer-turned-influencer, is now being questioned by the Hong Kong police that additionally raided his workplace premises. In response to the native publication, the police seized many issues in a number of bins, together with a plastic bag of banknotes.
Moreover, JPEX vacated its Taipei workplace, and the authorities are questioning native influencers who promoted the change, in response to a neighborhood information outlet. An X.com (previously Twitter) person additional identified that JPEX deserted its sales space final week on the second day of the Token2049 convention held in Singapore, following the SFC’s warning.
The Platinum sponsor, JPEX, deserted their sales space at #Token2049 on the second day. 👀
On a aspect word, their brand seems fairly much like FTX. Is {that a} signal? 🤔 pic.twitter.com/KZw9o5vNgF
— J O Y (@joyxspacelatte) September 14, 2023
“Because of the third-party market makers limiting our liquidity and to adjust to coverage tips, all transactions on our Earn Buying and selling interface will likely be delisted on September 18, 2023, at 00:00 (GMT+8),” the troubled change added in its weblog publish. “Throughout this era, our devoted withdrawal crew answerable for dealing with emergency withdrawal requests will proceed to prioritize customers’ wants.”
