JPEX Cryptocurrency Exchange Fraud: Hong Kong Investors File Lawsuit

IconCryptoNewsTerminal Staff06 Jun, 2024

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JPEX Cryptocurrency Exchange Fraud: Hong Kong Investors File Lawsuit

The South China Morning Post (SCMP) of Hong Kong reports that the first civil lawsuit has been filed in the fraud case of the unlicensed cryptocurrency exchange JPEX. The lawsuit alleges that the exchange defrauded investors out of millions of dollars. The two plaintiffs who filed the lawsuit each demanded compensation of HK$1.85 million (about 325 million won), and designated the JPEX platform, JPEX affiliate Web3 Technical Support, and Felix Chiu King-yin, CEO of JPEX affiliate CoinGaaru, as defendants. It is further reported that an additional 10 victims will soon file lawsuits. This case serves as a reminder of the risks associated with investing in cryptocurrency.