⁠JPEX scandal won’t hurt Hong Kong crypto vision: Financial Secretary

Christopher Hui took the stage at Fintech Week and outlined a list of regulatory moves Hong Kong authorities are looking to implement following the JPEX scandal.

#JPEXScandal #JPEX

**According to CryptoSlate citing the South China Morning Post (SCMP):**
JPEX, an unlicensed cryptocurrency exchange in Hong Kong, has initiated restrictions on withdrawals without prior notice. Users have reported that their stablecoins and other withdrawable assets are being converted into JPC, JPEX's proprietary token, and that they are currently unable to withdraw their assets. The price of JPC is not known at this time. JPEX has stated that these measures are "related to the billing system that allows assets to be converted 1:1 in the future."
#CryptoExchange #JPEX #Withdrawals #Cryptocurrency #JPC

update:
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👮 Hong Kong Police Detain 72 Linked to #JPEX Rugpull

Authorities have detained 72 individuals in relation to a cryptocurrency exchange scam. Last year witnessed a surge in investment fraud incidents, with more than a third tied to digital assets.
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Wang, a 29-year-old English teacher, ventured into the #crypto market during a hype period, leading to significant losses.
Her crypto journey began with rising token prices, particularly #Dogecoin , which lured her into a #Telegram group promoting high-yield investment projects. Initially, she profited but eventually faced substantial losses when the market turned.
The article also highlights the #JPEX scandal in Hong Kong, where an unlicensed exchange allegedly defrauded investors of HK$1.56 billion. This event exposes the lack of investor protection and education in the crypto industry.
Critics argue that despite Hong Kong's efforts to become a virtual asset hub, the market is still riddled with scams and Ponzi schemes, eroding investor confidence. Industry proponents believe in the potential of virtual assets in the emerging #Web3 ecosystem, driven by blockchain technology.
Calls for regulatory measures continue to mount, better law enforcement, and adaptation to technological innovations to safeguard investors. Public confidence in the crypto industry remains uncertain, with concerns about safety and shifts in investor sentiment - China Daily