Crypto industry concerns after Chinese dev fined 3 year's salary for using a VPN, largest Ponzi in Hong Kong history, JPEX saga, and more.
Hong Kong police have detained 15 individuals linked to the collapse of cryptocurrency exchange JPEX. they have received over 2,392 complaints claiming a total loss of 1.5 billion Hong Kong dollars in the apparent Ponzi scheme. Since the investigation began mid-September, police say that they have seized 8 million HKD in cash and frozen bank accounts worth 77 million HKD suspected of being proceeds of crime.
On September 13, the Hong Kong Securities & Futures Commission issued a warning regarding JPEX being an unlicensed exchange within its jurisdiction. The move led to several arrests of its key executives and the abandonment of its corporate booth in Token2049 Singapore. Prior to its collapse, JPEX was one of the most heavily marketed crypto exchanges in Hong Kong, with corporate ads displayed across the city’s metro lines and taxis.
The incident is shaping up as potentially the worst Ponzi scheme in Hong Kong’s history in terms of monetary loss. Shortly after its discovery, the SFC began publishing a list of crypto exchanges awaiting registration or are unlicensed within the special administrative region of China.Hong Kong crypto exchange CoinEx will resume services despite falling victim to a $70 million wallet hack orchestrated by North Korea’s infamous Lazarus Group.
“The wallet system is operating safely and steadily at present. We will gradually resume deposit and withdrawal services for the remaining 500+ cryptos. Since the resuming operations will be processed frequently, there will be no further or separate announcements for each crypto.” As part of its new wallet system, CoinEx updated the deposit addresses of all crypto assets, rendering old addresses invalid. On September 12, a leak of the exchange’s hot wallet keys led to the theft of over $70 million worth of users’ cryptos. Despite the incident, CoinEx said that cold wallets were not affected and that the CoinEx User Asset Security Foundation would “bear the financial losses from this incident.
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