Two arrests were made in Hong Kong, while the remaining two were made in Macau. The SFC has listed FUBT Exchange as a suspicious virtual asset trading platform, stating that the company provided a fake Hong Kong phone number to appear connected to the city.
Further Arrests and Cash Seizures in JPEX Crypto Exchange Probe
According to the SCMP report, two individuals in Macau had HK$6.5 million (US$830,390) in cash and valuables confiscated, while HK$8.2 million was frozen in their casino accounts. Two arrests were also made in Hong Kong, with one individual found in possession of shredded documents treated with bleach.
During the operation, authorities found unauthorized Visa cards labeled “JPEX” and documents in two apartments. The total number of individuals detained in connection to the JPEX case is now eighteen, all from Hong Kong. Authorities believe they are close to identifying a key figure in the operations, but it is uncertain whether the mastermind is an individual or part of a group.
Authorities Seize HK$24 Million in Assets in Latest JPEX Crypto Exchange Scandal Probe
During the operation, authorities seized assets worth HK$24 million, including luxury watches, gold bars, and HK$5 million in cryptocurrency associated with JPEX. However, tracking down the digital assets has proven challenging due to the high volume of transactions and their anonymity.
The JPEX scandal began when the SFC accused the exchange of operating without a license. JPEX and its operators are suspected of defrauding over 2,400 people of nearly $200 million. The exchange continues to operate with restricted access from Hong Kong, but regulatory authorities have released a list of exchange firms that have applied for a license under the new regulatory framework implemented in June.