Gate News: On March 26, Hong Kong police announced the latest developments in the investigation of the JPEX virtual asset trading platform scam case. Since the investigation began in September 2023, police have arrested 80 people and frozen assets worth approximately HKD 228 million. On March 26, police launched a new round of prosecution actions, charging 10 individuals with “money laundering” and “conspiracy to money laundering.”
Superintendent Han Chenghao of the Commercial Crime Bureau of the Hong Kong Police stated that the JPEX case is the largest in recent years in Hong Kong in terms of the number of victims and the amount of money defrauded, with over 2,700 victims reporting cases and involving more than HKD 1.6 billion. To date, no company or individual has claimed to be the legitimate operator of the platform. The police need to conduct extensive investigations to identify the masterminds, core members, and accomplices behind the scenes.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Hong Kong SFC Strengthens Global Regulatory Cooperation to Combat Illegal Activities by Financial Influencers
Gate News message, April 24 — Hong Kong's Securities and Futures Commission (SFC) announced it is working with securities regulators worldwide to combat illegal activities by financial influencers. Over the past year, the SFC has made progress through enforcement actions and collaboration with
GateNews4h ago
Jane Street Files Motion to Dismiss Terraform Labs' Insider Trading Lawsuit
Gate News message, April 24 — Jane Street has filed a motion to dismiss the lawsuit brought by Terraform Labs' bankruptcy estate, which accuses the quant trading firm of precipitating the collapse of the UST/LUNA algorithmic stablecoin. The motion was filed at the Southern New York District
GateNews4h ago
Wisconsin Sues Kalshi, Polymarket, Coinbase Over Sports Betting Contracts
The Wisconsin Department of Justice filed three complaints on Thursday in Dane County against Kalshi, Robinhood, Coinbase, Polymarket, and Crypto.com, alleging that their sports-related event contract offerings constitute illegal gambling under state law. Wisconsin Attorney General Josh Kaul stated
CryptoFrontier5h ago
U.S. Special Operations Forces Chief Warrant Officer Arrested: Used Classified Intelligence to Bet on Maduro on Polymarket, Profited $400k
The U.S. Department of Justice in the Southern District of New York has indicted U.S. Army Special Forces officer chief Gannon Ken Van Dyke, alleging that he used classified information to bet on Polymarket on the outcome of Maduro’s arrest, earning approximately $409,881 (13 transactions, 2025-12-27 to 2026-1-26). The charges include illegal use of confidential information, theft of nonpublic information, commodity transaction fraud, wire fraud, and illegal money transactions, among others. It is described as the first federal prosecution centered on insider trading and arbitrage with a prediction market, which may affect future regulatory directions.
ChainNewsAbmedia5h ago
A former Huobi executive was acquitted by a Hong Kong High Court ruling that found the charges to be unsubstantiated; allegations of Tether dark-pool trading were not substantiated
On April 24, the Hong Kong High Court’s seven-member jury, by a majority vote, found not guilty of allegations against Chen Bo-liang, a former senior manager of cryptocurrency exchange Huobi (now renamed HTX), concerning accusations that he used a pseudonymous personal account in 2020 to trade on Huobi’s platform dark pool. The court also ruled not guilty on all charges, including six counts of accessing a computer with criminal or dishonest intent and one count of money laundering. The amount involved relates to 5 million Tether (USDT) tokens.
MarketWhisper5h ago
Wisconsin sues Kalshi prediction market platform, alleging it may be an unlicensed gambling operation
According to an official press release issued by Wisconsin Attorney General Josh Kaul on April 23, Wisconsin has sued Kalshi in Dane County, alleging that the platform’s prediction market business, which operates in the form of “event contracts,” falls within the legal definition of gambling under Wisconsin law and constitutes an unlicensed gambling activity.
MarketWhisper6h ago
