21st September 2023 – (Hong Kong) In an ongoing investigation into an alleged conspiracy to defraud, cryptocurrency trading platform JPEX has seen 11 individuals, including Joseph Lam Chok and Chan Yee, taken into custody. As of yesterday, the police have received a staggering 2,086 reports, involving approximately 1.3 billion Hong Kong dollars. Among those implicated, several artists have faced scrutiny. One such figure is Julian Cheung, a Hong Kong actor and singer, who previously served as JPEX’s brand ambassador for the Hong Kong region. Today, on the 21st, Cheung assisted the police in their investigation and has since left the Wan Chai Police Headquarters.
Reports indicate that Julian Cheung, who had previously collaborated with JPEX in shooting endorsement advertisements, offered his cooperation to the authorities this morning.
Last August, JPEX announced Julian Cheung as their brand ambassador for the Hong Kong region, and he subsequently participated in shooting videos and promotional photos for the platform. Amid the recent JPEX scandal, Cheung’s management responded to the media, stating that he had no involvement in any investments or financial losses. After completing the advertisement shoot in March last year, Cheung learned in May that JPEX was “under supervision by the Securities and Futures Commission.” Consequently, he notified JPEX in writing that if the company failed to obtain a license, they could not use his image for promotional purposes, reserving the right to pursue legal action.
Meanwhile, actress Jacqueline Ch’ng is likely to assist the police in their investigation upon her return from Malaysia. It has been reported that law enforcement authorities have targeted another individual in the entertainment industry, but his/her overseas location has hindered their arrest. Jacqueline Ch’ng recently attended a dinner event where she revealed suffering a substantial six-figure loss in the JPEX incident. At the time, she stated that she had no intention of reporting the incident to the police and subsequently flew back to her hometown in Malaysia. Ch’ng has been updating her social media with glimpses of her enjoyable life and responding to comments from netizens.
Another individual, Derek Cheung, a social media influencer, apparently collaborated with JPEX during his boxing event in Taiwan in July. Derek Cheung, known as the “Father of Hong Kong E-sports,” delved into the world of boxing and emerged victorious in a high-profile match against Kurtis Lau Wai-kin, also known as Toyz, a former employee of Cheung’s. The match, held at Taipei Arena on 5th July, was preceded by a press conference on 15th May. JPEX offered those who witnessed the boxing match the opportunity to participate in an exclusive JPEX voting event with a chance to share a bonus of 15 million JPP. On that day, Cheung received a cash reward of HK$10 million in the presence of Hong Kong media, while Toyz’s reward of approximately HK$3.5 million was paid in cryptocurrency through the platform. The organisers took considerable time to introduce the company during the event, asserting that the cash payment to Cheung represented the financial stability of their organisation. However, Cheung stated that he had no involvement in the event’s organisation and only participated as an invited contestant. Interestingly, Cheung’s photo appeared in the JPEX partners’ section on the website, distinguishing him from other partners. It is estimated that JPEX included his photo as part of their sponsorship arrangement. With a successful cash reward of HK$10 million, Cheung possibly stands as the sole winner in the JPEX scandal.
Furthermore, as early as two years ago, Cheung had filmed a video expressing his disbelief in cryptocurrencies. He claimed to have explored and invested in cryptocurrency as early as 2014. In the video, he explained the process of cryptocurrency transactions, stating, “If the government one day declares virtual currencies illegal, then possessing them will be a crime.” He likened virtual currencies to in-game currencies, emphasising that if a game shuts down, all in-game currencies would be lost. He considered this aspect problematic, as without converting virtual currencies into real-world assets, they are merely confined to the virtual market. Cheung concluded by stating, “I believe in blockchain technology, but I don’t believe in virtual currencies because they can be regulated by the government at any time. The value of money lies in its ability to be exchanged for tangible goods. If the government bans virtual currencies entirely, their impact would be limited to a small virtual world and wouldn’t affect the rest of the world significantly.”