83 Reports, HK$34 Million: Hong Kong Police Commissioner Takes Swift Action Against JPEX Fraud

Hong Kong’s Police Commissioner, Siu Chak-yi, spoke to the media after attending the Hong Kong Police College’s graduation ceremony, addressing recent developments concerning the “Greenstone Digital Asset Platform” (JPEX), a virtual asset trading platform.

In response to potential fraud associated with JPEX, Siu Chak-yi revealed that the police had received a referral from the Securities and Futures Commission two days ago. Given the potential elements of fraud, the Commercial and Crime Investigation Bureau has initiated an investigation.

As of 3 p.m. on the previous day, a total of 83 individuals had reported the case, with the reported losses amounting to approximately HK$34 million. In response to public concerns and inquiries, a dedicated hotline (28605012) has been established to provide assistance and information related to the JPEX case.

The situation surrounding JPEX has raised significant concerns within the cryptocurrency and virtual asset trading community in Hong Kong. As authorities continue to investigate the platform, the impact on affected individuals and the broader implications for cryptocurrency regulation are subjects of heightened interest.

The Hong Kong Police’s response underscores the importance of vigilance and regulatory oversight in the rapidly evolving world of virtual asset trading platforms. Fraud and financial misconduct are challenges that law enforcement agencies and regulators worldwide are addressing to ensure the security and integrity of cryptocurrency markets.

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