Prominent JPEX figure Lam Zuo arrested, Hong Kong police raid OTC office

According to a report from Yahoo Hong Kong, the illegal cryptocurrency exchange JPEX, which is suspected of money laundering and fraud by the Securities and Futures Commission of Hong Kong, had its promoter, celebrity Lam Zuo, arrested on the 18th. It is reported that the police conducted a search at its office in Central Entertainment Building in connection with the JPEX case, with the Commercial Crime Bureau leading the investigation.

83 people in Hong Kong have reported cases involving over NT$130 million, and advertisements for Chen Zero Nine were removed overnight.

JPEX Incident Update: Continuous Updates｜Is JPEX planning to flee? Shocking news of a partner's card exceeding NT$100 million? A complete summary of the JPEX exchange scandal!

Lin Zuo Suspected Arrested for OTC, JPEX Taiwan Partner Tony Still Protesting

According to Hong Kong 01, "Operating an over-the-counter cryptocurrency exchange in Central for currency exchange, and claiming to apply to become a JPEX partner." Such OTC currency exchange merchants currently require submitting anti-money laundering declarations in Taiwan.

In Taiwan, "CoinFun BitFun" Tony, also claiming to be a JPEX partner, is promoting JPEX in Taiwan and operating OTC business. However, according to "CoinFun BitFun," he claims to also be a victim of a loss of 100 million NTD.

How to Deal with Media Personalities Promoting JPEX?

Taiwan's "Securities Investment Trust and Consulting Act Amendment": If an online platform operator publishes illegal advertisements that mislead or defraud others, causing damage, they shall be jointly and severally liable with the commissioning publisher and investors for compensation.

The Fair Trade Act also imposes penalties on advertisers: return of rewards, joint compensation. According to the Fair Trade Act, if an advertising agency, knowing or should have known, still produces or designs misleading advertisements, they shall be jointly and severally liable for damages with the advertiser.

Details of Claims: Media urgently delete posts, spokespersons remain unresponsive! False advertisements may entail civil compensation, criminal fraud