Singer Nine Chen implicated in aggravated fraud! Endorsed JPEX scam, received NT$10 million

The Hong Kong cryptocurrency exchange JPEX was implicated in a fraud case last year, with Taiwanese artist Chen Ling Jiu being considered an accomplice for receiving a high endorsement fee from the company. Following an investigation by the investigative bureau, the Northern District Prosecutor's Office will conduct further inquiries. The case in 2023 has sent shockwaves through the entire cryptocurrency community in Hong Kong, involving amounts reaching billions of New Taiwan Dollars. Blockchain media and influencers in Taiwan were also involved in promoting JPEX, and now there is finally law enforcement action in Taiwan.

Is Taiwan taking zero action against JPEX? JPEX has spread millions of dollars in Taiwan, with endorsers and sponsored media profiting handsomely.

Entertainer Chen Ling Jiu Becomes Defendant in JPEX Case

According to an investigation, Hong Kong cryptocurrency exchange JPEX was involved in a scandal last year. The investigation revealed that Taiwanese singer Chen Ling Jiu received 320,000 Tether (USDT) tokens (equivalent to approximately 10 million New Taiwan Dollars) from a Hong Kong businessman named "Justin" as payment to become the Taiwan spokesperson for JPEX. However, Chen Ling Jiu is suspected of being an accomplice in JPEX's fundraising activities in Taiwan. Recently, the investigation bureau sent a letter of suspected crimes to the Taipei District Prosecutors Office, accusing him of aggravated fraud and violations of banking laws, leaving it to the prosecutors to decide whether to press charges.

Other Individuals Involved

In addition to Chen Ling Jiu, four other defendants were also implicated in this case, including JPEX's opinion leader in Taiwan, Zhang Dong Ying, business manager Shi Yu, JPEX's office leasing agent Niu Geng Sheng, and Liu Jian Fu, who facilitated the collaboration between JPEX and the P. LEAGUE+ professional basketball league's New Taipei Kings basketball team.

Chen Ling Jiu's Texas Hold'em Poker Game at JPEX Building

The Da'an Precinct of the Taipei City Police recently discovered a Texas Hold'em poker venue and arrested a man surnamed Zhang, the person in charge on-site, along with 26 gamblers. During the operation, the police unexpectedly found Chen Ling Jiu at the top floor entertainment venue, which is suspected to be located in the same building as JPEX's office in Taiwan.

JPEX's Background and Fraudulent Amount

JPEX exchange was accused of fraud by the Hong Kong Securities and Futures Commission, involving a staggering amount of 1.58 billion Hong Kong dollars (approximately 6.5 billion New Taiwan Dollars). The exchange had an office on Zhongxiao East Road in Taipei City, attracting numerous Taiwanese investors who eventually became victims and filed complaints. As a result, the Taipei District Prosecutors Office initiated a detailed investigation.

JPEX Faces First Civil Lawsuit! Hong Kong Victims Sue JPEX, Demanding Investigation into Lost Assets and Compensation

Chen Ling Jiu's Defense and Legal Investigation

Last October, Chen Ling Jiu was summoned to court by the prosecutors as a witness, but later was listed as a defendant. In media interviews, Chen Ling Jiu stated that his investment losses have exceeded his endorsement fees and he believes that justice will clear his name. However, evidence uncovered by the investigation bureau showed that Zhang Dong Ying, also known as the popular online personality "Jumping Tiger TONY" in the cryptocurrency community, founded the virtual currency education platform BITFUN, which attracted a large number of investors and resulted in significant financial losses. Following the case's exposure, Zhang Dong Ying was detained and denied visits, while Liu Jian Fu was released on bail of 50,000 New Taiwan Dollars.

JPEX Taiwan Partner Tony Zhang Dong Ying and others summoned, Chen Ling Jiu becomes defendant, investigation into fundraising continues

JPEX Exploiting Influencers to Attract Young Investors

In July last year, JPEX held a "Fist Up" boxing event at the Taipei Arena, attracting a large number of young participants. The investigation bureau suspects that JPEX used these sporting events to recruit young investors, with Chen Ling Jiu having knowledge of these activities. Through comprehensive investigations, the bureau believes that Chen Ling Jiu is indeed involved in aggravated fraud.

Not limited to physical events, last year JPEX spared no expense in media promotions, flooding various investment products and activities of JPEX, thereby enhancing its visibility and user base in Taiwan.

This case is still under further investigation, and Chen Ling Jiu's ultimate fate will be determined by the prosecutors. This scandal not only involves the security of cryptocurrency transactions but also prompts a deeper reflection on the risks associated with celebrity endorsements.