Hong Kong Charges 16 in JPEX Cryptocurrency Scandal

Hong Kong police have charged 16 people in connection with the JPEX cryptocurrency scandal, including former barrister and influencer Joseph Lam Chok, on conspiracy to defraud counts. Authorities said three additional suspects – two masterminds and a core member – have fled overseas and are now the subject of Interpol notices. The probe, launched in September 2023, has led to 80 arrests and the freezing of HKD228m (USD29m) in assets, including HKD14.5m in cryptocurrencies, property, vehicles, and cash. Reported losses total around HKD1.6bn from 2,636 complainants as of February 2025, making it one of Hong Kong’s largest fraud cases. The defendants are expected to face court as investigations continue, highlighting ongoing scrutiny of crypto platforms and the need for stronger regulatory enforcement.