JPEX unlicensed operation controversy continues with 2,392 reported victims and HK$1.497 billion involved, 12 arrested so far


26th September 2023 – (Hong Kong) The JPEX unlicensed operation controversy shows no signs of abating. As of 5pm today (26th), a total of 2,392 victims have come forward to report their cases, involving an estimated amount of HK$1.497 billion. Law enforcement agencies have confirmed that 12 individuals have been arrested in connection with the case, and the investigation is still ongoing, with the possibility of further arrests. Authorities will continue to communicate with individuals involved in the case to gather relevant information and assist in the investigation.

According to sources, the arrested suspect is Wong Sheung-yin, a 23-year-old director of the over-the-counter cryptocurrency exchange store named Money Lupin. This arrest followed Chief Executive John Lee Ka-chiu’s comments regarding the Securities and Futures Commission’s reversal in policy, which now discloses the names of cryptocurrency companies seeking to establish regulated trading services under the new regulations introduced in June.