PANews reported on December 17th that, according to Decrypt, prosecutors in the Hong Kong JPEX fraud case have been granted an adjournment until next year to preparePANews reported on December 17th that, according to Decrypt, prosecutors in the Hong Kong JPEX fraud case have been granted an adjournment until next year to prepare

Hong Kong courts have postponed the hearing of the US$206 million JPEX fraud case until March.

2025/12/17 11:54

PANews reported on December 17th that, according to Decrypt, prosecutors in the Hong Kong JPEX fraud case have been granted an adjournment until next year to prepare case files for a hearing at the Eastern Magistrates' Courts in the city on Monday. The next hearing is scheduled for March 16th, where a group of social media influencers accused of promoting JPEX and acting as "frontmen" for its over-the-counter cryptocurrency trading shops will appear in court. Seven of the eight defendants who appeared in court were granted bail under their original conditions. Those accused include lawyer-turned-influencer Lam Tsz-lam, YouTube blogger Chan Wing-yee, former TVB actor Cheng Chun-hei, and fitness instructor Chiu King-yin. Cheng Chun-hei, who did not apply for bail, will remain in custody.

In September 2023, after the Hong Kong Securities and Futures Commission warned JPEX of operating without a license and making misleading claims, it declared bankruptcy, and user withdrawals were frozen. Authorities stated that over 2,700 victims lost more than US$206 million (HK$1.6 billion). On November 5th of this year, police arrested and charged 16 people, including 6 core members, 7 associates of over-the-counter exchanges, and 3 holders of puppet accounts. More than 80 people were arrested during the investigation. JPEX also engaged in deceptive advertising in the Philippines and Taiwan, and three masterminds are still at large and wanted by Interpol.

Market Opportunity
CyberKongz Logo
CyberKongz Price(KONG)
$0.001654
$0.001654$0.001654
0.00%
USD
CyberKongz (KONG) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Shocking OpenVPP Partnership Claim Draws Urgent Scrutiny

Shocking OpenVPP Partnership Claim Draws Urgent Scrutiny

The post Shocking OpenVPP Partnership Claim Draws Urgent Scrutiny appeared on BitcoinEthereumNews.com. The cryptocurrency world is buzzing with a recent controversy surrounding a bold OpenVPP partnership claim. This week, OpenVPP (OVPP) announced what it presented as a significant collaboration with the U.S. government in the innovative field of energy tokenization. However, this claim quickly drew the sharp eye of on-chain analyst ZachXBT, who highlighted a swift and official rebuttal that has sent ripples through the digital asset community. What Sparked the OpenVPP Partnership Claim Controversy? The core of the issue revolves around OpenVPP’s assertion of a U.S. government partnership. This kind of collaboration would typically be a monumental endorsement for any private cryptocurrency project, especially given the current regulatory climate. Such a partnership could signify a new era of mainstream adoption and legitimacy for energy tokenization initiatives. OpenVPP initially claimed cooperation with the U.S. government. This alleged partnership was said to be in the domain of energy tokenization. The announcement generated considerable interest and discussion online. ZachXBT, known for his diligent on-chain investigations, was quick to flag the development. He brought attention to the fact that U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce had directly addressed the OpenVPP partnership claim. Her response, delivered within hours, was unequivocal and starkly contradicted OpenVPP’s narrative. How Did Regulatory Authorities Respond to the OpenVPP Partnership Claim? Commissioner Hester Peirce’s statement was a crucial turning point in this unfolding story. She clearly stated that the SEC, as an agency, does not engage in partnerships with private cryptocurrency projects. This response effectively dismantled the credibility of OpenVPP’s initial announcement regarding their supposed government collaboration. Peirce’s swift clarification underscores a fundamental principle of regulatory bodies: maintaining impartiality and avoiding endorsements of private entities. Her statement serves as a vital reminder to the crypto community about the official stance of government agencies concerning private ventures. Moreover, ZachXBT’s analysis…
Share
BitcoinEthereumNews2025/09/18 02:13
Will Bitcoin Make a New All-Time High Soon? Here’s What Users Think

Will Bitcoin Make a New All-Time High Soon? Here’s What Users Think

The post Will Bitcoin Make a New All-Time High Soon? Here’s What Users Think appeared on BitcoinEthereumNews.com. Bitcoin has broken out of a major horizontal channel
Share
BitcoinEthereumNews2026/01/16 05:27
New Viral Presale on XRPL: DeXRP Surpassed $6.4 Million

New Viral Presale on XRPL: DeXRP Surpassed $6.4 Million

The post New Viral Presale on XRPL: DeXRP Surpassed $6.4 Million  appeared on BitcoinEthereumNews.com. One of the most talked-about ecosystems in the cryptocurrency space is the XRP Ledger (XRPL), and DeXRP, the first Presale on XRPL, recently made headlines for its growth story. Attracting over 9,300 investors globally, the project has now raised over $6.4 million and is rapidly emerging as one of the most viral cryptocurrency launches of 2025. By integrating AMM and Order Book trading with a cutting-edge LP system and an open voting process for holders, DeXRP hopes to establish itself as the preferred trading destination for the XRPL community. What is DeXRP?  As the first decentralized exchange (DEX) based on XRPL, DeXRP is taking center stage as XRP continues to solidify its place in the global market. Massive expectation has been generated by the combination of DeXRP’s ambition for an advanced trading platform and XRPL’s established infrastructure, which is renowned for its quick transactions, cheap fees, and institutional-ready capabilities. In contrast to a lot of speculative presales, DeXRP’s development shows both institutional interest and community-driven momentum. Its early achievement of the $6.4 million milestone demonstrates how rapidly investors are realizing its potential. DeXRP Presale Success More than 9,300 distinct wallets have already joined the DeXRP presale, indicating a high level of interest from around the world. A crucial aspect is highlighted by the volume and variety of participation: DeXRP is not merely a niche project; rather, it is emerging as a major force in the XRPL ecosystem. DeXRP’s recent collaborations with WOW Earn and Micro3, as well as its sponsorship of the WOW Summit in Hong Kong, are also contributing factors to this uptick in investor confidence. These actions are blatant attempts to increase the company’s awareness among institutional players and crypto-native groups. The Forbes article summed it up: DeXRP is embedding credibility where others chase hype, marking it as…
Share
BitcoinEthereumNews2025/09/18 20:14