Blockchain News

JPEX Representatives 'Disappeared' and Withdrawal Fee Increases to $980 After Warning from Hong Kong SFC

Following a warning from Hong Kong’s regulator over “suspicious features” offered by the crypto exchange, as well as its unlicensed nature, JPEX is reported to have undertaken further unexplained moves…

After the Hong Kong Securities and Futures Commission issued a public warning over “suspicious” activity from crypto exchange, JPEX, Wu Blockchain reports further eyebrow-raising moves.

According to Wu Blockchain, JPEX not only increased its fee to withdraw from the platform to as much as a staggering 980 USDT, but the staff manning the exchange’s booth at 2049 Singapore also “disappeared”.

Wu Blockchain also claimed that the Hong Kong SFC had handed matters over to the police and posted the below image, which appears to show JPEX’s booth at 2049 abandoned. 

Image posted by Wu Blockchain on X (Twitter)

Later comments on X (Twitter) from blockchain security firm, PeckShield, appear to confirm suggestions that JPEX had increased its withdrawal fee to extortionate levels.

Image posted on X (Twitter) by PeckShield that appears to confirm fee increases from JPEX

Whilst the exact nature of JPEX’s wrongdoings, if indeed they are confirmed, are yet to emerge, moves reportedly made in recent hours by the exchange certainly seem to indicate a highly adverse reaction to the Hong Kong SFC’s warning.

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