H.K. Charges 16 in Alleged $205M JPEX Crypto Fraud as Interpol Hunts 3 More Suspects

Hong Kong authorities have charged 16 individuals, including social media influencer Joseph Lam, in connection with the JPEX cryptocurrency scandal, which allegedly defrauded over 2,700 investors of HK$1.6 billion ($205.8 million). This case is considered the largest alleged financial fraud in Hong Kong's history, with charges including conspiracy to defraud and money laundering. Six of the accused are believed to be core JPEX members, while others, like Lam, are influencers involved in over-the-counter crypto trading. Furthermore, Interpol has issued red notices for three fugitives—Mok Tsun-ting, Cheung Chon-cheong, and Kwok Ho-lun—who allegedly played central roles. Since the investigation began in September 2023, 80 people have been arrested, and HK$228 million has been seized. This case marks the first time Hong Kong authorities have applied the Anti-Money Laundering and Counter-Terrorist Financing Ordinance to a crypto-related matter.

(Source：CoinDesk)