Chris Tang Ping-keung, Hong Kong's Secretary for Security, has pledged to bring justice to victims of the JPEX crypto exchange fraud, which was the country's largest digital asset fraud. Tang announced during a press conference that the police have made 12 arrests and seized over 8 million Hong Kong dollars ($1 million) in cash and assets valued at 77 million HK$ ($9.8 million), including real estate and digital currency. He emphasized the active pursuit of the masterminds behind the JPEX exchange and stressed their capture as a critical step in resolving the case.

The JPEX operators are accused of operating an unauthorized crypto platform and defrauding customers of millions of dollars. Additionally, Tang mentioned collaboration with regulators to implement measures preventing future crypto fraud.

Hong Kong's local police have received 2,369 complaints from individuals who suffered financial losses investing in an unregulated exchange, with an estimated total loss of 1.4 billion HK$ ($178 million). In response, the police have arrested 12 individuals, including three employees of JPEX Technical Support Company and two YouTubers named Chan Wing-yee and Chu Ka-fa.

Troubles with JPEX began on September 15 when users reported difficulty withdrawing funds. As these issues became more widely known, the platform significantly raised withdrawal fees to 999 Tether, seemingly to discourage users from withdrawing funds following a regulatory warning.