Hong Kong police have arrested a cryptocurrency influencer in connection with a major “fraud” case linked to the unlicensed cryptocurrency exchange platform JPEX. The number of victims in this case has surpassed 2,530, with reported losses totaling HK$1.56 billion. A total of 28 individuals have been arrested so far in connection with the alleged fraud, with 27 released on bail without charge.
The latest arrest was of 28-year-old influencer Henry Choi, who ran “Hong Coin,” a social media page promoting cryptocurrencies with around 20,700 followers on Instagram. He has now cut ties with JPEX and pledged to help users access their funds. Police have accused those arrested of using false advertising and unlawful means to attract victims to invest through JPEX. The unlicensed platform then imposed restrictions on withdrawal limits and raised withdrawal handling fees, preventing customers from accessing their virtual assets.
The case has raised concerns about regulatory gaps in Hong Kong’s cryptocurrency sector and comes shortly after the city introduced regulations requiring cryptocurrency exchanges to be licensed and meet investor protection standards.
By FCCT Editorial Team
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