JPEX fraud case successfully pursued! Hong Kong police will help victims recover 230,000 pounds.

Recently, there has been a breakthrough ruling in the highly publicized Cryptocurrency exchange JPEX fraud case. The Hong Kong court recently ruled in favor of two JPEX fraud victims, and according to the judge's ruling, will represent the two plaintiffs in recovering the $230,000 they lost from JPEX.

Image Source: Chain News successfully recovers compensation from JPEX Court documents

JPEX scandal involves a staggering amount of 206 million US dollars

At that time, the Securities and Futures Commission (SFC) of Hong Kong issued a warning to Cryptocurrency exchange JPEX in September 2023, pointing out that this Dubai-based exchange JPEX was operating without a license. Subsequently, it was accused of transferring and misappropriating funds without informing users, making it difficult for users to withdraw funds. Users were even informed that they would have to pay a high fee of 999 USDT to withdraw funds.

In order to retain customers, JPEX has launched the 'DAO Shareholder Dividend Plan', with an open subscription amount of 400 million USDT, which can be exchanged for encryption assets locked in the platform by users, but can only be exchanged for 100% value after two years. JPEX also plans to play people for suckers again, claiming that if they deposit new assets, they can subscribe to the DAO shareholder plan at a 50% discount.

As of 4/18 this year, the Hong Kong police have received a total of 2636 complaints and have carried out multiple arrest operations, including some celebrities and internet celebrities who endorse JPEX, involving an amount of about 1.61 billion Hong Kong dollars (about 206 million US dollars).

The court representative recovers $230,000, and JPEX technical support company did not appear in court.

Recently, Hong Kong judge Chow Chiu Man ruled in favor of two JPEX fraud victims, and on behalf of the plaintiff, recovered HKD 1.85 million (approximately USD 230,000) to be paid in 247,000 USDT. The lawsuit was brought against JPEX and a Web3 technology support company related to JPEX in June, as the plaintiff transferred funds to the JPEX Wallet in July and August 2023, but the funds were almost immediately transferred out and could not be recovered.

However, JPEX has currently ceased operations, and the Web3 technology support company is also not represented in court. Judge Zhou stated in the judgment that an injunction must be issued against this Web3 technology support company to assist in the recovery of funds entrusted by victims in JPEX.

Successful recovery of JPEX fraud case marks a major breakthrough

The lawyer representing the plaintiff, Zhu Zhenhua, stated that the current ruling is an important breakthrough for Crypto Assets victims to obtain legal relief and provides a reference for action for other related victims. Lawyer Zhu emphasized that due to the involvement of thousands of victims, the recovery process is quite challenging, and prolonged delays may face the risk of statutory limitations. The case is currently seeking an execution plan to recover funds from the freezing of approximately 29 million US dollars in assets by the Hong Kong police.

Image source: Chain News Plaintiff's defense lawyer: Joshua Chu

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This article is reprinted with permission from: Chain News