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Is Hong Kong’s Reputation at the Mercy of Crypto Scammers?

Anndy Lian weighs in on the recent collapse of JPEX, a cryptocurrency platform that allegedly defrauded thousands of investors of more than HK$1.4 billion (US$180 million).

The collapse of JPEX has exposed the dark side of Hong Kong’s crypto industry and raised serious questions about its regulatory framework.

JPEX, which claimed to be a licensed and regulated platform, lured investors with flashy advertisements, celebrity endorsements, and promises of high returns. It offered its own native token, JPC, which could only be traded on its platform, as well as other popular cryptocurrencies such as Bitcoin and Tether.

However, in September 2023, JPEX suddenly suspended its services and announced that it was under investigation by the Hong Kong police for suspected money laundering and fraud. The platform’s website and social media accounts were taken down, and its customer service hotline was disconnected. Many investors found themselves unable to access their funds or withdraw their assets.

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