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Hong Kong’s safety minister mentioned town’s police are bent on discovering the mastermind behind the alleged HK$1.5 billion ($192 million) fraud at crypto trade JPEX.
The case, one of many metropolis’s greatest ever monetary frauds, includes 2,392 victims, whereas police have arrested 12 suspects and seized money and property value greater than HK$85 million, Secretary for Safety Chris Tang Ping-Keung mentioned at a press briefing.
“Police are doing their finest to find the whereabouts of the chief of the platform,” he mentioned. “That is positively a significant component of their investigation. We are going to by all means maintain the culprits accountable for his or her crimes.”
Hong Kong govt vows to find the leaders of JPEX, the crypto trade that has turn out to be the goal of fraud investigation.
However nobody, it seems, is aware of who they’re
— ekin (@eking0x) September 27, 2023
The safety chief mentioned his ministry and and regulation enforcement businesses are working carefully with the Securities and Futures Fee (SFC) to unravel the case.
The SFC has mentioned that JPEX was an unlicensed cryptocurrency platform. It utilized well-known social media influencers to assist market their choices to the general public. Celebrities who’ve labored with JPEX included crypto influencer Joseph Lam and two YouTubers, Chan Wing-yee and Chu Ka-fa, all of whom have been arrested for his or her affiliation with the trade.
Why Didn’t Authorities Act Sooner On JPEX Case?
JPEX has been below a high-profile probe by the SFC and police since not less than Sept. 13, when the SFC launched an announcement saying that the trade was not licensed to function in Hong Kong. The regulator has confronted criticism for failing to alert the general public to potential issues at JPEX earlier.
Within the SFC’s protection, former fee chairman Anthony Neoh mentioned that the regulator did its finest within the JPEX case given the circumstances, the South China Morning Submit reported. “The regulation on digital property didn’t come into impact till June 1 this yr, so the fee had no authorized powers previous to that,” he mentioned.
He added that the SFC warned the general public however “it could possibly be mentioned on reflection, in hindsight, they need to have carried out extra.”
Whereas the Fee was ready to do extra to avoid wasting buyers and cease JPEX earlier, Neoh mentioned that it avoided doing so for a wide range of legitimate causes, akin to an ongoing investigation into the platform or a must keep away from negatively affecting the buyers.
“The regulator made the judgment with one of the best info or finest intent, and I don’t imagine they acted in any dangerous religion,” he mentioned, including that “They acted based on what they believed was the dynamic state of affairs on the time.”
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