JPEX fraud case successfully recovered! Hong Kong police help victims reclaim 230,000 USDT
The high-profile cryptocurrency exchange JPEX scam case has recently seen a breakthrough ruling. The Hong Kong court has ruled in favor of two victims of the JPEX scam, ordering the exchange to compensate the two plaintiffs for their $230,000 losses.
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JPEX Scandal Involves a Whopping $206 Million
Back in September 2023, the Securities and Futures Commission (SFC) of Hong Kong issued a warning to the cryptocurrency exchange JPEX, headquartered in Dubai, for operating without a license. It was later accused of transferring and misappropriating funds without informing users, making it difficult for them to withdraw funds. Users were even informed that they had to pay a high fee of 999 USDT to withdraw their funds.
To retain customers, JPEX introduced a "DAO Shareholder Dividend Scheme" with a subscription amount of 400 million USDT, allowing users to subscribe using their locked-in platform crypto assets, which could only be redeemed for 100% value after two years. JPEX also planned to capitalize further by claiming that depositing new assets would allow users to subscribe to the DAO Shareholder Scheme at a 50% discount.
As of April 18th this year, the Hong Kong police have received a total of 2,636 complaints and have made multiple arrests, including some celebrities and influencers who endorsed JPEX, with the total amount involved estimated to be around 1.61 billion Hong Kong dollars or approximately $206 million.
Is Taiwan taking zero action against JPEX? JPEX has allocated tens of millions in Taiwan, with spokespersons and sponsored media profiting handsomely.
Court Orders Recovery of $230,000 from JPEX as Technical Support Company Fails to Appear
Recently, Hong Kong judge Chau Chi Man ruled in favor of two victims of the JPEX fraud case, representing the plaintiffs to recover 1.85 million Hong Kong dollars or about $230,000, to be paid in 247,000 USDT. The lawsuit, filed in June against JPEX and a Web3 technical support company related to JPEX in Hong Kong, stemmed from the plaintiffs transferring funds to JPEX wallets in July and August 2023, only to have the funds almost immediately transferred out, rendering them unrecoverable.
However, as JPEX has ceased operations and the Web3 technical support company has not appeared in court, Judge Chau ordered an injunction against the Web3 technical support company to assist in recovering the funds entrusted to JPEX by the victims.
First civil lawsuit against JPEX! Hong Kong victims sue JPEX to trace lost assets and seek compensation.
Successful Recovery of Funds in JPEX Fraud Case Marks a Significant Breakthrough
Lawyer Joshua Chu, representing the plaintiffs, stated that the current ruling is a significant legal relief for cryptocurrency victims and serves as a precedent for other affected parties to take action. Chu emphasized the challenges in pursuing thousands of victims and the risk of statute of limitations if the process is delayed too long. The case is currently seeking an execution plan to recover funds from the approximately $29 million frozen by the Hong Kong police.
Spokespeople immune! JPEX platform globally raised 16.3 billion New Taiwan dollars, with Chen Ling Jiu's endorsement case not prosecuted, while partner Jumping Tiger faced prosecution.