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- Taipei District prosecutors office has arrested two people associated with JPEX.
- JPEX Taiwan office head and a lecturer were detained based on fraudulent activities.
- One other suspect, Liu was summoned and released on a $1,550 bail.
According to recent reports from Taiwan’s Central News Agency, earlier today, the Taipei District Prosecutors Office detained two individuals linked to the JPEX management due to suspicion of fraudulent activities involving breaches of relevant banking and anti-money laundering laws. This includes the head of JPEX’s Taiwan Office, Chang Tung-Ying, and Shi Yu, a lecturer associated with JPEX.
Furthermore, the prosecutors have guided the local justice investigation bureau towards nine different locations and subsequently summoned four suspects. One of the suspects, identified by the surname Liu, was released on bail amounting to US$1,550, about NT$50,000. Meanwhile, another individual with the surname Niu was released after being questioned. Reports indicate that JPEX commenced promoting crypto-related products and soliciting investments in June.
Additionally, Nine Chen, a Taiwanese singer who had previously served as JPEX’s brand ambassador in Taiwan, provided testimony as a witness. However, the local newspaper Liberty Times reported that if his involvement in the case is confirmed, prosecutors may later summon him as a defendant in a legal proceeding.
In September, Hong Kong authorities made 11 arrests related to an alleged fraud case involving JPEX and also blocked the company’s mobile app and website. At the time JPEX stated,
Since September 13, 2023, the SFC has suddenly made a series of accusations against our platform’s operating model and promotional methods, which we vehemently resent as they were made without investigation or review.
Ever since, Hong Kong has been vigilant of suspicious activities from crypto exchanges. In October, Hong Kong announced a crypto-focused task force in conjunction with the Securities and Futures Commission (SFC) and the police to monitor cryptocurrency exchanges. The initiative aimed to detect suspicious activities within the crypto sector.
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