Involved in a HKD 1.3 billion fraud case? Exposed

[P] . Recently, the "Thunderstorm" incident on the virtual asset trading platform JPEX has continued to ferment. On September 21st, Southern Metropolis reporters learned that according to the latest data released by the Hong Kong police, 2086 victims have reported cases for help, with a total amount of approximately HKD 1.3 billion. 11 individuals involved in the case have been arrested on suspicion of conspiracy to defraud. On the 20th, JPEX acknowledged in a statement that telecommunications service providers in Hong Kong have blocked their mobile applications and official websites at the request of the Hong Kong Securities and Futures Commission.

On the evening of September 21st, Hong Kong star Cheung Chi lin went to the police station to assist in the investigation, and the entry topped the Weibo hot search. The agency has issued a solemn statement regarding the incident where Zhang Zhilin filmed advertisements for JPEX, and stated that Zhang Zhilin was invited by relevant parties to assist in the investigation on September 19 and has provided the necessary assistance.

Zhang Zhilin once filmed advertisements for JPEX.

The statement states that in March 2022, Zhang Zhilin was invited through an advertising agency to shoot a commercial film and hard print photos for JPEX. After learning that JPEX was listed as an unlicensed company and suspicious website by the Hong Kong Securities Regulatory Commission, the company officially notified the advertising agency in September 2022 to immediately terminate the cooperation agreement. Recently, the company discovered that there were photos and images of Zhang Zhilin circulating online, emphasizing that any publishing, uploading or reprinting without authorization from the company is an infringement, and the company reserves all legal rights to pursue this matter.

Nandu previously reported that JPEX, a virtual asset trading platform, was recently recognized as unlicensed by the Hong Kong Securities Regulatory Commission. Subsequently, it increased the platform's transaction fees, making it impossible for users to withdraw funds. On September 17th, all transactions on the wealth management page were removed, and users were unable to make any new wealth management orders.

On September 18th, the Hong Kong Police Commercial Crime Investigation Unit searched multiple exchange shops and arrested six people on suspicion of conspiracy to defraud, including Hong Kong internet celebrities Lin Zuo, Chen Yi, who operated cryptocurrency exchange shops, encouraged investors to open JPEX accounts, and converted cash into virtual currency.

On September 20th, the Hong Kong Securities Regulatory Commission stated in a statement that since March 2022, the Commission has been closely monitoring the JPEX platform and has begun reviewing the platform for suspected false and misleading statements and unlicensed activities. Due to JPEX's non cooperative attitude, it was included in the list of unlicensed companies and suspicious websites by the China Securities Regulatory Commission in July 2022. The information obtained by the China Securities Regulatory Commission later raised suspicions that the case involved fraudulent activities, so it was referred to the police for processing.

Nandu reporter learned that JPEX was established in 2020 and after entering Hong Kong, it widely promoted itself through various advertisements, social media, off exchange virtual asset currency changers (off exchange stores), celebrities, internet celebrities, etc., promoting "low risk, high return" and attracting investors to join. Zhang Zhilin and several other Hong Kong artists have filmed advertisements or promoted for JPEX, but recently they have all stated that they are also one of the victims of JPEX.

JPEX's outdoor advertising in Hong Kong.

According to the latest data released by the Hong Kong police, as of September 20th, 2086 victims have reported for help, with a total amount of approximately HKD 1.3 billion. 11 individuals involved in the case have been arrested on suspicion of conspiracy to defraud. On the 20th, JPEX acknowledged in a statement that telecommunications service providers in Hong Kong have blocked their mobile applications and official websites at the request of the Hong Kong Securities and Futures Commission.