The saga of the imploded cryptocurrency trade JPEX continues to develop as Taiwanese prosecutors have reportedly discovered new alleged suspects.
The Taipei District Prosecutors Workplace (TDPO) requested Chang Tung-ying, the chief accomplice at JPEX’s workplace in Taiwan, be held in custody over alleged fraud, the native TV channel TVBS Information reported on Nov. 9.
Taipei prosecutors reportedly searched 9 areas associated to the JPEX investigation and summoned Chang and three different alleged suspects. The authorities recognized Chang and JPEX lecturer Shih Yu-sheng (additionally known as Shi Yu) as suspects within the case for violating the Banking Act and the Cash Laundering Management Act.
Different defendants have been launched, together with JPEX salespersons Liu Chien-fu and Niu Keng-sheng. Based on the report, Liu was launched on bail of fifty,000 new Taiwan {dollars} ($1,550), whereas Niu, a registered particular person answerable for JPEX Taiwan, was launched after questioning.
The report additionally famous that 9 Chen, a Taiwanese superstar and singer who as soon as represented JPEX as a model ambassador, was additionally summoned by prosecutors. Prosecutors reportedly named 9 Chen as a defendant after initially calling him to testify as a witness.
As soon as a profitable crypto trade, JPEX abruptly halted some companies in mid-September 2023, citing a liquidity disaster triggered by “unfair therapy” from a number of establishments in Hong Kong. The abrupt implosion fueled allegations about JPEX deceptive buyers by claiming to have utilized for a crypto buying and selling license and different points.
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JPEX rapidly turned the middle of a significant scandal within the trade. Hong Kong authorities launched an investigation after receiving over 2,000 complaints from JPEX customers reporting practically $180 million in losses. The implosion of JPEX has grow to be a major concern for monetary regulators in Hong Kong, Taiwan and different international locations, with many authorities initiating new measures to guard buyers from losses resulting from comparable incidents.
As of Sept. 25, regulation enforcement has arrested a minimum of 11 alleged suspects within the JPEX case, whereas the alleged masterminds are nonetheless at massive.
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