Crypto Exchange Scandal Escalates: Four More Arrests Made in JPEX Probe

Summary

• Four more individuals have been arrested in connection with the JPEX crypto exchange scandal, bringing the total number of arrests to 18.
• One suspect was caught attempting to destroy evidence using paper shredders and bleach; authorities have also seized HK$6.5 million (US$830,390) in cash and valuables.

In an ongoing saga, Hong Kong and Macau authorities have arrested four individuals "relatively close to the core" of the crypto exchange JPEX, as reported by the South China Morning Post. This development has escalated the total number of arrests in connection with the JPEX scandal to 18.

The arrests were not without drama, as one suspect was caught attempting to destroy crucial evidence using paper shredders and bleach. The SCMP also reports that two Hongkongers, both 29, were detained in Macau, where authorities seized HK$6.5 million (US$830,390) in cash and valuables. Additionally, HK$8.2 million has been frozen in their casino accounts.

This high-profile case was brought to light after Hong Kong's Securities and Futures Commission accused JPEX of operating without a license. Consequently, the regulator has decided to make public the details of license applicants in response to the controversy.

Crypto exchange JPEX has raised concerns about the perceived unfair treatment, fearing that it could jeopardize Hong Kong's aspirations to establish itself as a crypto hub.