[ad_1]
Hong Kong police have arrested social media influencer Joseph Lam Chok as we speak (Monday) morning for his involvement with cryptocurrency buying and selling platform JPEX, which is going through allegations of fraud, in keeping with the South China Morning Publish.
The arrest got here hours after the troubled trade confirmed the suspension of buying and selling actions following a probe by Hong Kong’s Securities and Futures Fee (SFC).
“Because of the unfair remedy by related establishments in Hong Kong in direction of JPEX, a cryptocurrency buying and selling platform, and a sequence of unfavourable information, our partnered third-party market makers have maliciously frozen funds. They demanded extra data from the platform for negotiation, proscribing our liquidity and considerably growing our each day working prices, resulting in operational difficulties,” the crypto trade wrote in a weblog publish printed yesterday (Sunday).
One other FTX?
Hong Kong’s monetary markets regulator issued a warning in opposition to JPEX final week, highlighting that the trade falsely claimed to have utilized for a license with the regulator. On its web site, the trade claims to be licensed by securities authorities in Australia and has registration with the US Monetary Crimes Enforcement Community (FinCEN) as a Cash Providers Enterprise (MSB). Nevertheless, the SFC highlighted that these claims are false.
Maintain Studying
The Hong Kong regulator additional stated that JPEX promoted “its services to the Hong Kong public by social media influencers and key opinion leaders (KOLs) in addition to over-the-counter digital asset cash changers (OTC Outlets),” including that it has requested all of them to stop the promotions.
Actions in opposition to Influencers
The arrest of Lam got here after the Hong Kong police revealed on Saturday that they’d obtained at the least 83 complaints associated to the trade involving cryptocurrencies value about HK$34 million (US$4.3 million).
Hong Kong’s Social Media Sensation, Joseph Lam, Arrested in Daring HK$34 Million JPEX Crypto Scandal! pic.twitter.com/zSUlXRZRTM
— Crypto College (@TheCryptoU) September 18, 2023
Lam, a lawyer-turned-influencer, is now being questioned by the Hong Kong police, who additionally raided his workplace premises. In keeping with the native publication, the police seized many issues in a number of bins, together with a plastic bag of banknotes.
In the meantime, JPEX moreover vacated its Taipei workplace, and the authorities are questioning native influencers who promoted the trade, in keeping with a neighborhood information outlet. An X.com (previously Twitter) consumer additional identified that JPEX deserted its sales space final week on the second day of the Token2049 convention held in Singapore, following the SFC’s warning.
The Platinum sponsor, JPEX, deserted their sales space at #Token2049 on the second day. 👀
On a aspect observe, their brand appears to be like fairly much like FTX. Is {that a} signal? 🤔 pic.twitter.com/KZw9o5vNgF
— J O Y (@joyxspacelatte) September 14, 2023
“Because of the third-party market makers proscribing our liquidity and to adjust to coverage tips, all transactions on our Earn Buying and selling interface might be delisted on September 18, 2023, at 00:00 (GMT+8),” the troubled trade added in its weblog publish. “Throughout this era, our devoted withdrawal group accountable for dealing with emergency withdrawal requests will proceed to prioritize customers’ wants.”
Hong Kong police have arrested social media influencer Joseph Lam Chok as we speak (Monday) morning for his involvement with cryptocurrency buying and selling platform JPEX, which is going through allegations of fraud, in keeping with the South China Morning Publish.
The arrest got here hours after the troubled trade confirmed the suspension of buying and selling actions following a probe by Hong Kong’s Securities and Futures Fee (SFC).
“Because of the unfair remedy by related establishments in Hong Kong in direction of JPEX, a cryptocurrency buying and selling platform, and a sequence of unfavourable information, our partnered third-party market makers have maliciously frozen funds. They demanded extra data from the platform for negotiation, proscribing our liquidity and considerably growing our each day working prices, resulting in operational difficulties,” the crypto trade wrote in a weblog publish printed yesterday (Sunday).
One other FTX?
Hong Kong’s monetary markets regulator issued a warning in opposition to JPEX final week, highlighting that the trade falsely claimed to have utilized for a license with the regulator. On its web site, the trade claims to be licensed by securities authorities in Australia and has registration with the US Monetary Crimes Enforcement Community (FinCEN) as a Cash Providers Enterprise (MSB). Nevertheless, the SFC highlighted that these claims are false.
Maintain Studying
The Hong Kong regulator additional stated that JPEX promoted “its services to the Hong Kong public by social media influencers and key opinion leaders (KOLs) in addition to over-the-counter digital asset cash changers (OTC Outlets),” including that it has requested all of them to stop the promotions.
Actions in opposition to Influencers
The arrest of Lam got here after the Hong Kong police revealed on Saturday that they’d obtained at the least 83 complaints associated to the trade involving cryptocurrencies value about HK$34 million (US$4.3 million).
Hong Kong’s Social Media Sensation, Joseph Lam, Arrested in Daring HK$34 Million JPEX Crypto Scandal! pic.twitter.com/zSUlXRZRTM
— Crypto College (@TheCryptoU) September 18, 2023
Lam, a lawyer-turned-influencer, is now being questioned by the Hong Kong police, who additionally raided his workplace premises. In keeping with the native publication, the police seized many issues in a number of bins, together with a plastic bag of banknotes.
In the meantime, JPEX moreover vacated its Taipei workplace, and the authorities are questioning native influencers who promoted the trade, in keeping with a neighborhood information outlet. An X.com (previously Twitter) consumer additional identified that JPEX deserted its sales space final week on the second day of the Token2049 convention held in Singapore, following the SFC’s warning.
The Platinum sponsor, JPEX, deserted their sales space at #Token2049 on the second day. 👀
On a aspect observe, their brand appears to be like fairly much like FTX. Is {that a} signal? 🤔 pic.twitter.com/KZw9o5vNgF
— J O Y (@joyxspacelatte) September 14, 2023
“Because of the third-party market makers proscribing our liquidity and to adjust to coverage tips, all transactions on our Earn Buying and selling interface might be delisted on September 18, 2023, at 00:00 (GMT+8),” the troubled trade added in its weblog publish. “Throughout this era, our devoted withdrawal group accountable for dealing with emergency withdrawal requests will proceed to prioritize customers’ wants.”
[ad_2]
Source link
