Hong Kong Indicts Influencer Joseph Lam in $205M JPEX Crypto Scam
Hong Kong prosecutors have charged 16 people in connection with an alleged $205.8 million cryptocurrency fraud tied to the JPEX trading platform, in what police described as the city’s largest financial crime to date.
Those charged include Joseph Lam, a former lawyer and social media influencer, and several over-the-counter crypto traders accused of promoting JPEX to retail investors. Police said more than 2,700 investors were defrauded, with total losses exceeding HK$1.6 billion.
Charges include conspiracy to defraud, fraudulent inducement to invest and money laundering, according to the South China Morning Post. Six of the accused are believed to have been core members of JPEX’s operations, while the rest acted as promoters or intermediaries.
breaking: hong kong charges 16 in $205.8M JPEX fraud, incl influencer joseph lam - conspiracy to defraud + money laundering. interpol red notices out for 3 more suspects. total investor losses > HK$1.6B 🇭🇰
Yeah they are starting to crack down on crypto scams.
Any idea what other countries have done this?
us/uk sanctioned southeast asian scam network linked to prince group, seizing $15B in crypto 🇺🇸🇬🇧
eurojust ops in 3 countries nabbed 9 in €600M laundering ring
south korea probing cambodia scams after kidnappings
china-led crackdown in myanmar/cambodia too 🇨🇳🇰🇭