Hong Kong Police Commissioner Chris Tang said that a total of 2,636 reports related to the JPEX case have been received, involving approximately RMB 1.6 billion. The police have arrested a total of 72 people and frozen assets worth approximately RMB 220.8 million. At a special finance committee meeting of the Legislative Council, Member Wu Jiehao asked how many technology crime cases received by the police involved virtual asset fraud. Tang said that there were 6,330 investment fraud cases reported last year, with losses exceeding RMB 5.9 billion, accounting for about two-thirds of the total losses of all fraud cases. Among them, 2,342 cases involved cryptocurrency, with a total amount of about RMB 3.16 billion.

Hong Kong Police Commissioner Chris Tang Ping-keung responded to a question from Legislative Councilor Wu Chi-wai, stating that the JPEX virtual asset trading platform received 2,636 reports in 2023, involving a total of 1.6 billion yuan, and has contacted 2,300 victims. One-third of them have provided testimony, and 69 people have been arrested, with 200 million yuan in assets frozen. Due to the complexity of the investigation and the large number of victims, they will continue to collect testimony from remaining individuals and examine the flow of funds in electronic wallets to gather sufficient evidence to prove the crimes of the relevant individuals and prove that JPEX has no actual investment activities.

No one has been prosecuted yet in the JPEX virtual asset trading platform fraud case. Hong Kong Police Commissioner Chris Tang said that further investigation is needed to trace the flow of funds from the victims. The police and the Securities and Futures Commission have set up a dedicated task force to exchange intelligence at least twice a week to strengthen monitoring and investigation of related illegal activities.

OSL Compliance Exchange, a licensed virtual asset trading platform in Hong Kong, has shown interest in the potential benefits of integrating tokenized platforms with banks as a financial technology solution provider. OSL CFO Hu Zhenbang stated that regulatory authorities have accelerated product approval speed since the JPEX incident. Hu emphasized that non-compliant platforms will face stricter regulation to prevent them from using excessive advertising like in the past at Hong Kong MTR stations.

Many media and authoritative figures criticized the slow action of the Hong Kong Securities and Futures Commission in the JPEX case, causing losses to investors. The Taiwan Financial Supervisory Commission stated that the Hong Kong Securities and Futures Commission has demonstrated the attitude of a responsible and action-oriented regulatory agency, and they are very comprehensive in legislation, issuing warnings, and enforcement.

JPEX, a virtual asset trading platform involved in a conspiracy to commit fraud, announced on its platform after a month that it has carried out fund repurchases with market makers to ensure that DAO holders can obtain sufficient returns and dividends in the plan. In addition, JPEX also stated that the trading system related to the platform is being optimized and reconfigured. According to the latest news released by the Hong Kong police, a total of 36 people were arrested in the JPEX conspiracy to commit fraud case, but all those arrested have been granted bail pending further investigation. As of 5 pm on October 26, 2595 victims have reported losses totaling approximately HK$1.58 billion.

According to the JPEX fraud case, including Hong Kong and Taiwan artists involved, such as Taiwanese singer Chen Lingjiu; because there are victims accusing Chen Lingjiu, Chen will be changed from a witness to a defendant; Taipei District Prosecutors Office yesterday searched JPEX's business in nine locations in Taiwan, and summoned JPEX Taiwan's chief partner Zhang Dongying and 4 others. After the trial, they were accused of violating banking laws, money laundering, etc. Zhang Dongying and lecturer Shi Yusheng were detained and not allowed to see anyone; Taipei District Court will hold a detention court today. In addition to the inconsistent testimonies of Zhang and Shi, both of whom were detained by the prosecution, other defendants also include business Liu Jianfu, who paid NT$50,000 for bail, and JPEX Taiwan's registered responsible person Niu Gengsheng was released. It is understood that Zhang Dongying and other members of the Taiwan team have a deep relationship with the Hong Kong JPEX management team. However, this search did not find related funds. Including Chen Lingjiu, the number of victims of JPEX in Taiwan may exceed 100, and currently only about a dozen people have filed complaints. The overseas virtual trading platform did not register the company in Taiwan in advance, nor did it complete the anti-money laundering compliance statement. Therefore, it violated banking laws and money laundering, etc. (Liberty Times)

Chen Lingjiu, who endorsed the virtual asset trading platform JPEX, was implicated in fraud. The Taipei District Prosecutor's Office in China directed the Investigation Bureau Taipei City Investigation Department to summon four people, including JPEX's Taiwan chief partner Zhang Dongying, to the case. Chen Lingjiu, originally a witness, was listed as a defendant. Chen Lingjiu stated through his broker that they had already gone to the police station last week to explain the part of the complaint made by the public and provided all the evidence to the police. Due to the confidentiality of the investigation, relevant information cannot be disclosed. Currently, Lingjiu's work and concerts are proceeding as normal, and we will continue to cooperate with the investigation of the prosecutor's office, hoping that the truth of this incident can be revealed as soon as possible.

On October 26th, Hong Kong police announced in the evening that 8 more people were arrested in the JPEX virtual asset trading platform fraud case, bringing the total number of arrests to 36. However, all arrested individuals have been released on bail and must report to the police from late October to late December. In addition, Hong Kong police have updated other information, as of 5 pm on the 26th, there were 2595 reported victims involving approximately HKD 1.58 billion.

According to DL News on October 18, after the JPEX incident, the attitude of Hong Kong residents towards cryptocurrency has deteriorated. A survey by the School of Business and Management of the Hong Kong University of Science and Technology showed that among 2,200 respondents aged 18 or above, 41% currently do not want to hold any cryptocurrency. This is a significant increase of 12 percentage points compared to a similar survey conducted on 5,700 people from April to May. Although 84% of respondents claimed to have heard of virtual assets, only 27% of them hold or currently own cryptocurrency. In addition, the desire to own cryptocurrency in the future has also weakened, with only 20% of people expressing interest, a decrease of 5 percentage points from the previous survey. Among those willing to invest in cryptocurrency, 80% plan to hold cryptocurrency worth HKD 50,000 or less.