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Who are the suspects arrested so far in Hong Kong’s ballooning JPEX scandal?

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1 year ago

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Who are the suspects arrested so far in Hong Kong’s ballooning JPEX scandal?

The ringleaders of Hong Kong’s largest alleged financial fraud are believed to be on the run, while the 11 suspects questioned by local police so far are unlikely to be key players in the mushrooming scandal, the Post has learned.

As investigators continued to hunt for clues in the HK$1.4 billion (US$178 million) case that has stunned the city, officers were focusing on determining just how much the suspects knew about the operations of the JPEX cryptocurrency platform before the allegations surfaced, a source said.

Police were also trying to gather information about what ties some of the suspects might have had with the over-the-counter virtual asset money changers, the insider added.

Evidence seized in the investigation into the suspected fraud. Photo: Sam Tsang

As of Friday, police had received 2,265 complaints from victims, and the number of people arrested on suspicion of conspiracy to defraud stood at 11.

Among those taken into custody were former barrister-turned-insurance executive-turned social media influencer Joseph Lam Chok, 33, and YouTubers Chan Wing-yee, 36, and Chu Ka-fai, 31.

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In a press conference held in his plush Mid-Levels home on Friday, Lam sought to distance himself from JPEX, saying he was no longer involved in its business activities and had stopped renting a nearly 2,900 sq ft office in Central for his business “Lam Chok Coin Speculation”.

Officers also arrested Tsang Cho-shun, 22, the corporate secretary of what was known as the JPEX Technical Support Company and later renamed Web 3.0 Technical Support.

Joseph Lam holds a press briefing at his home in the Mid-Levels on Friday. Photo: Jelly Tse

Police also detained two other individuals related to Web 3.0 Technical Support: Jason Chan Hiu-ho, 22, the new company’s corporate secretary, and Tang Lap-shun, a 26-year-old employee.

Another source said the company’s sole director, Kwok Ho-lun, was among those sought by police, while adding he might have been recruited to establish the firm.

According to the Companies Registry, Kwok is also the director of CoinLedge Limited and Crypto Wesearch Media Limited. CoinLedge, which authorities are striking off the registry, is a blockchain media company that regularly promoted JPEX in the past.

YouTuber Chan Wing-yee is among the suspects arrested by police this week. Photo: YouTube

Another suspect was Wong Ho-pong, director of the Apestaurant Group, which runs the Bored Garden restaurant, a burger shop on Wellington Street in Central which also offered over-the-counter virtual asset money changing service.

Wong is also the director of To The Moon Group, which uses the same registered office as his other company.

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Hong Kong police seek Interpol help to freeze JPEX’s ‘unusual’ outflow of crypto

YouTuber Chu is the director of KT Club, whose company secretary was The Acid Limited, also CoinLedge’s company secretary until early last year.

On Thursday, police also questioned actor and singer Julian Cheung Chi-lam and Malaysian actress Jacqueline Ch’ng Se Min. The two celebrities earlier filmed promotional videos for JPEX. The pair were not arrested.

Suspect Chu Ka-fai, is the director of KT Club, whose company secretary was The Acid Limited, also CoinLedge’s company secretary until early last year. Photo: YouTube

Feng Shui master and TV host Clement Chan Ting-bong, who was said to have promoted JPEX in the past, was also questioned by police on Friday.

Additionally, a Post check earlier found that a company registered in Australia under “JP-EX Crypto Asset Platform Pty Ltd” applied to the Australian Securities and Investments Commission for voluntary deregistration on Tuesday, a day after Hong Kong police arrested the first eight people in connection with the JPEX case.

According to the commission’s information, the company registered in 2020 had assets worth less than A$1,000 (US$647) and its current director was Chen Jieyi, 32, born in Guangdong province.

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Hong Kong influencer Joseph Lam stops renting crypto shop amid JPEX investigation

The company was registered by the previous director, a 28-year-old born in Hong Kong named Cheung Sze-ki, before he handed the firm over to Chen in 2021.

Police said the investigation was continuing and further arrests were possible. The force would also seek help from Interpol after identifying transfers of digital coins connected to the platform, a source said.

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Crypto Market Boredom: Bitcoin & Altcoins See Volume Crash

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6 hours ago

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January 14, 2025

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Crypto Market Boredom: Bitcoin & Altcoins See Volume Crash

On-chain data shows the cryptocurrency traders have hit the snooze button as Bitcoin and other assets have witnessed a plunge in volume.

Bitcoin & Altcoins Have Seen A Trading Volume Crash Recently

According to data from the on-chain analytics firm Santiment, trading volume has seen a slowdown in the cryptocurrency sector during the past week.

The “trading volume” here refers to an indicator that keeps track of the total amount of a given asset that’s becoming involved in trading activities on the major exchanges. When the value of this metric goes up, it means the investors are participating in a higher amount of activity related to the coin. Such a trend implies interest in the asset is on the rise.

On the other hand, the indicator observing a decline suggests the traders may be starting to put their attention elsewhere as they are taking part in a lower amount of activity.

Now, here is a chart that shows the trend in the combined Bitcoin trading volume for four different segments of the digital asset sector:

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The value of the metric appears to have gone through a decline for all of these groups | Source: Santiment on X

In the above graph, the four sides or segments of the cryptocurrency market displayed are: Memecoins Top 6, AI & Big Data Top 6, Layer 1 Top 6, and Layer 2 Top 6.

“Layer 1” assets refer to those that circulate on blockchains that handle their own security and aren’t built on top of another ecosystem. Bitcoin and Ethereum are the most prominent examples of coins of this type. The coins that aren’t on primary networks, like Polygon (MATIC) and Arbitrum (ARB), are termed Layer 2.

From the chart, it’s apparent that the six largest coins for both of these categories have seen a sharp decline in their trading volume recently. Segments like meme-based tokens and AI-related coins have also noted cooldowns of their own at the same time.

Back in November and the first half of December, the volume was high across the market as traders made a large number of moves during the Bitcoin bull run hype. It would appear, though, that the recent bearish shift has damaged the investor morale.

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After the latest continuation of the decline in the indicator, trading activity in the market has slumped to the lowest level since the 4th of November, a day before the presidential elections in the US.

Generally, the market tends to see volatility when a large number of traders are participating in trading activity, as it’s their trades that fuel price moves. Since the trading volume has slumped across the cryptocurrency sector recently, it’s possible that Bitcoin and others might see a state of calm in the near future.

The low activity may even be considered a sign that there is FUD in the market, which is something that has facilitated bottoms in the past.

BTC Price

At the time of writing, Bitcoin is trading at around $90,700, down almost 8% in the last week.

Bitcoin Price Chart 

Looks like the price of the coin has been going down over the past day | Source: BTCUSDT on TradingView

Featured image from Dall-E, Santiment.net, chart from TradingView.com

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Congressman Who Wanted Airport Named After Trump Buys Bitcoin, Solana, XRP Token Ahead Of Inauguration

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14 hours ago

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January 13, 2025

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Congressman Who Wanted Airport Named After Trump Buys Bitcoin, Solana, XRP Token Ahead Of Inauguration

A member of Congress disclosed buying three cryptocurrencies in December, as the sector gets ready to welcome in a pro-cryptocurrency White House administration.

What Happened: With many cryptocurrencies hitting new all-time highs after Donald Trump’s 2024 election win, members of Congress like Representative Guy Reschenthaler (R-Pa.) are adding crypto to their portfolio.

According to Benzinga’s Government Trades page for Reschenthaler, the Republican Representative disclosed the trades recently in one filing.

Here are the cryptocurrencies purchased and the dates the trades were made:

  • Dec. 11: $1,000 to $15,000 Solana SOL/USD
  • Dec. 11: $1,000 to $15,000 XRP Token XRP/USD
  • Dec. 23: $1,000 to $15,000 Bitcoin BTC/USD

The transactions are the first disclosed by Reschenthaler since he joined Congress in 2019.

Did You Know?

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Why It’s Important: Reschenthaler, 41, has not been as vocal about cryptocurrency as other members of Congress have been. The purchase could be due in part due to his belief that a Trump presidency will be bullish for the cryptocurrency sector.

Here is a look at how much the Congressman paid for the cryptocurrencies versus where the price is today:

  • Solana: 12/11 range $211.99 to $230.51, today $175.83
  • XRP: 12/11 range $2.24 to $2.47, today $2.45
  • Bitcoin: 12/23 range $92,403.13 to $96,416.21, today $91,836.61

Two of the Congressman’s purchases have lost money while the purchase of XRP has turned into a winning trade. Benzinga will closely monitor the trading activity of members of Congress when it comes to cryptocurrency in the coming months.

Last year, Reschenthaler proposed renaming the Washington Dulles International Airport, which is located 25 miles from Washington, D.C., to the Donald J. Trump International Airport.

“In my lifetime, our nation has never been greater than under the leadership of President Donald J. Trump,” Reschenthaler said at the time. “As millions of domestic and international travelers fly through the airport, there is no better symbol of freedom, prosperity, and strength than hearing ‘Welcome to Trump International Airport’ as they land on American soil.”

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Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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VT Markets Anticipates Cryptocurrency Growth from Policy Changes and Market Momentum in 2025 Q1 Economic Outlook

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21 hours ago

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January 13, 2025

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VT Markets Anticipates Cryptocurrency Growth from Policy Changes and Market Momentum in 2025 Q1 Economic Outlook

HONG KONG SAR – Media OutReach Newswire – 13 January 2025 – VT Markets, an award-winning financial services provider, today releases its 2025 Q1 Economic Outlook. The report highlights how the dual tailwind of favourable policies and market dynamics will propel the cryptocurrency sector into a new era of mainstream adoption. The report also underscores the transformative strides achieved by cryptocurrencies in 2024, which sets the stage for further growth in the upcoming year.

2024 As A Landmark Year for Cryptocurrency

With the conclusion of the 2024 U.S. Presidential election, cryptocurrencies have ascended from niche assets to mainstream investment products. Political developments, particularly arising President Trump’s re-election and his pro-cryptocurrency stance, acted as the main catalyst for this phenomenon. Participants observed Bitcoin’s price surging by over 40%, crossing $108,000 by year-end anticipating dovish policy shifts and renewed investor confidence towards the digital asset.

Key regulatory appointments, such as naming crypto advocate Hester Peirce as SEC Chair, signalled to the market a shift towards a more favourable regulatory framework, instilling optimism in institutional and retail investors alike.

The Rise of Spot Bitcoin ETFs

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In early 2024, the U.S. SEC approved multiple spot Bitcoin ETFs; a significant breakthrough for the cryptocurrency industry then. By year-end, assets under management for these ETFs grew from $28.8 billion to $110 billion. Among them, BlackRock’s IBIT ETF stood out, achieving record-breaking $30 billion AUM in under 300 days.

This development not only validated cryptocurrencies as a mainstream investment class but also paved the way for wider institutional participation. The integration of cryptocurrency into traditional finance is seen as a key step toward standardisation – an issue which has plagued the industry since its inception.

Liquidity and Risk Appetite Fuel Growth

Macroeconomic conditions, including the Federal Reserve’s shift towards an easing monetary policy, contributed to increased market liquidity and higher risk asset valuations. Cryptocurrencies, known for their high-risk, high-reward profile, inevitably emerged as a preferred choice for portfolio diversification, further driving their adoption and price momentum.

2025 Will Be A Year of Regulatory Clarity and Technological Innovation

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Looking ahead, the cryptocurrency sector is poised for greater regulatory clarity and broader market acceptance globally:

United States: Expected legislation on stablecoins and other crypto assets will a establish a clear regulatory environment.

European Union: The upcoming implementation of the Markets in Crypto-Assets Regulation (MiCA) will enhance transparency and compliance.

Asia-Pacific: Singapore and Hong Kong are set to strengthen their positions as regional crypto hubs, promoting Web3 development and reopening licensing opportunities for exchanges.

Emerging Markets: Countries like Brazil, the UAE, Australia, and South Africa are advancing efforts to legitimize cryptocurrencies, potentially becoming regional leaders in the sector.

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A New Era for Mainstream Cryptocurrency Adoption

The VT Markets’ Research Desk suggests that the confluence of supportive policies, transparent regulations, and robust market conditions will accelerate the mainstream adoption of cryptocurrencies.

They believe that this transition from speculative assets to recognised investment products will be a pivotal moment in financial innovation.

https://www.linkedin.com/company/89310903/admin/feed/posts/

https://www.facebook.com/VTMarketsCN

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Hashtag: #VTMarkets #CFDs #CFDsbrokers #cryptocurrency #Bitcoin #bitcointrading

The issuer is solely responsible for the content of this announcement.

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