According to Hong Kong media outlet am730, JPEX, a cryptocurrency exchange previously warned by the Hong Kong Securities and Futures Commission, had large-scale advertising campaigns in Hong Kong last year, including television, outdoor billboards, and bus stop lightboxes. Actor Zhang Zhihui served as the brand ambassador for JPEX, and Taiwanese singer Chen Lingjiu, who previously collaborated with MIRROR, was also a spokesperson for the exchange.

There are reports that Lin Zuo, who previously worked in the insurance industry and switched to the cryptocurrency industry, promoted "applying to become a JPEX partner" on social media in July and promoted JPEX in a lecture. After the Hong Kong Securities and Futures Commission required internet celebrities to stop promoting the platform, Lin Zuo also stated on social media that he "did not violate any regulatory requirements and respected the requirements of the Securities and Futures Commission." Another artist, Zhuang Simin, was also accused of introducing JPEX in a YouTube video in July, which reportedly offered up to 16% return. The video has been removed, but Zhuang Simin stated that the video was promotional material for a cryptocurrency exchange that had a cooperation relationship with JPEX.

In addition, the Hong Kong police have confirmed to the media that they have received notification from the Securities and Futures Commission, and the Commercial Crime Bureau is investigating whether the case involves criminal elements. Some users have reported online that JPEX has limited withdrawal amounts to a maximum of 1000 USDT stablecoins and increased the withdrawal fee to 999 USDT, meaning that retail investors can only withdraw up to 1 US dollar. KOL internet celebrities have publicly displayed photos of successfully withdrawing amounts, and according to the photos, the internet celebrity successfully withdrew 1 US dollar.

However, JPEX issued a notice yesterday evening adjusting the USDT withdrawal fee. According to network writer "Qian Song C," JPEX, one of the platinum sponsors at a cryptocurrency summit in Singapore, did not have any employees show up for work today.