JPEX crypto fraud case advances as prosecutors add new money laundering charges

Hong Kong prosecutors have added three new money laundering charges against Chu Ka-fai, a 34-year-old crypto influencer known as “Master Zhu,” related to the JPEX crypto fraud case. Chu is accused of laundering approximately HK$18.78 million across four bank accounts between 2020 and 2023, bringing his total money laundering counts to four. The JPEX case is considered Hong Kong's largest crypto fraud on record, involving over $206 million in losses for more than 2,700 investors. The case is set to be transferred to the District Court, with the next hearing scheduled for March 27. In total, 16 people have been charged in connection with the investigation, with over 80 arrests made and Interpol red notices issued for three alleged ringleaders who remain at large.

(Source：Crypto Briefing)