• Hong Kong internet celebrity arrested on suspicion of promoting JPEX.
  • Hong Kong police have received over 83 reports against JPEX, involving HK$34 million.
  • This marks a significant moment in the crackdown on crypto fraud in Hong Kong.

Hong Kong police have taken a high-profile step in the fight against cryptocurrency fraud by arresting a popular internet celebrity. The individual is suspected of promoting the dubious crypto exchange JPEX, which has been labeled as a ‘rugpull’ operation by concerned citizens and investors.

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To date, the Hong Kong police have received more than 83 complaints against JPEX, involving a total sum of approximately HK$34 million. These numbers suggest a considerable scale of alleged fraudulent activity associated with the platform.

The arrest marks a significant milestone in the Hong Kong authorities’ ongoing efforts to clamp down on cryptocurrency-related frauds and scams. As cryptocurrencies gain mainstream attention, regulatory bodies around the world are becoming increasingly vigilant in monitoring and shutting down fraudulent activities.

This incident also serves as a cautionary tale for investors who rely on the endorsements of high-profile individuals in the crypto space. While the identity of the arrested internet celebrity has not been disclosed, their influence has likely contributed to the large sum of money involved in the allegations against JPEX.

Hong Kong police arrest a well-known internet celebrity for allegedly promoting the fraudulent crypto exchange JPEX. So far, authorities have received 83 reports against the exchange, involving a total of HK$34 million. This arrest is significant in Hong Kong’s fight against crypto-related fraud.

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