Audit log

Every state-changing event for JPEX: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-10-11 12:22:41Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 455,649,732

   sig

   3ZAm2AiaxkeH…xtCxCSdLcopyexplorer ↗

   hash

   7JVceoUwVBB1…esn3H5sYcopysha256 → base58

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   {"actor":"system:backfill","investigation_id":"811d57de-aae1-4c08-953e-c647e5463c1b","kind":"publish","page_slug":"jpex","published_at":"2026-10-11T12:22:41.640Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"JPEX","sections":[{"content":"JPEX marketed itself as a cryptocurrency trading platform offering high-yield, allegedly low-risk investment and 'deposit' or 'savings' products. According to Hong Kong media reporting, the platform was founded around 2020 and was registered as a company in Australia, which it used as a front for its global promotional activities; no company or individual has ever formally come forward to claim ownership or operational responsibility for JPEX. The platform relied heavily on a network of paid social media influencers and key opinion leaders (KOLs), as well as unlicensed over-the-counter (OTC) virtual-asset money changers operating physical storefronts in Hong Kong, to recruit retail investors. The Securities and Futures Commission (SFC) added JPEX to its public Alert List of suspicious unregistered entities in July 2022, more than a year before the platform's collapse.","heading":"Background and Business Model","severity":"high","sources":[{"credibility":2,"name":"The Standard (HK) — JPEX crypto scam: HK police issue global Red Notices for trio of fugitive masterminds","type":"news_article","url":"https://www.thestandard.com.hk/news/article/316531/JPEX-crypto-scam-East-Week-HK-police-issue-global-Red-Notices-for-trio-of-fugitive-masterminds"},{"credibility":1,"name":"SFC Statement on JPEX","type":"regulatory","url":"https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/Statement-on-JPEX"}]},{"content":"On 13 September 2023 the SFC issued a public statement naming JPEX as an unregulated virtual asset trading platform, stating that no entity within the JPEX group had ever applied for a virtual asset trading platform (VATP) licence in Hong Kong despite JPEX marketing itself to the public as a 'licensed' exchange. The SFC said JPEX had made false or misleading statements about its regulatory status and had promoted prohibited high-yield 'deposit' and 'savings' products through influencers and OTC shops. The SFC separately stated that it had opened inquiries into JPEX as early as March 2022 and had issued at least nine investor alerts between July 2022 and September 2023 before naming the platform directly. Shortly after the warning, JPEX sharply raised withdrawal fees and imposed a 1,000 USDT withdrawal limit alongside a roughly 999 USDT transaction fee, a combination that effectively blocked most customer withdrawals. JPEX publicly disputed the SFC's account, claiming Hong Kong telecom providers had unfairly blocked its app and website at the SFC's request; the SFC rejected this characterization in a follow-up statement on 20 September 2023, also noting that JPEX had breached statutory secrecy provisions by publishing confidential correspondence between JPEX and the SFC's Enforcement Division.","heading":"Regulatory Warnings and 2023 Collapse","severity":"critical","sources":[{"credibility":1,"name":"SFC Statement on JPEX","type":"regulatory","url":"https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/Statement-on-JPEX"},{"credibility":2,"name":"The Block — Hong Kong police receive 1,600 complaints involving $152 million in alleged JPEX fraud","type":"news_article","url":"https://www.theblock.co/post/251689/hong-kong-police-receive-1600-complaints-involving-152-million-in-alleged-jpex-fraud"}]},{"content":"Hong Kong police opened a criminal investigation, referred by the SFC on 14 September 2023, and launched a raid operation (reported under the name 'Tieguan'/'Iron Gate') across roughly 20 locations, seizing cash, jewelry, computers and phones valued at about HK$8 million. Crypto influencer and former barrister Joseph Lam Chok was among the first arrested, on 18 September 2023. Within weeks the arrest count climbed into the 20s, including the arrest of a man surnamed Mok and the seizure of a Lamborghini allegedly linked to proceeds of the scheme, and separately the arrest of Chan Siu-lung, chief executive of an OTC virtual-asset money changer called CryptoPARD whose shop was searched by police. By November 2025, police said the investigation had led to 80 arrests in total, spanning core JPEX staff, OTC shop operators, social-media influencers who promoted the platform, and individuals accused of laundering proceeds through 'puppet' bank accounts. Police have frozen approximately HK$228 million in assets connected to the case, including cash, cryptocurrency, bank balances, property and luxury vehicles. Police have repeatedly described the case as unusually complex because no individual or company has stepped forward as JPEX's true operator.","heading":"Criminal Investigation and Arrests","severity":"critical","sources":[{"credibility":2,"name":"The Block — Hong Kong police receive 1,600 complaints involving $152 million in alleged JPEX fraud","type":"news_article","url":"https://www.theblock.co/post/251689/hong-kong-police-receive-1600-complaints-involving-152-million-in-alleged-jpex-fraud"},{"credibility":2,"name":"The Standard (HK) — Six more arrested in JPEX crypto fraud investigation","type":"news_article","url":"https://www.thestandard.com.hk/breaking-news/section/4/208947/Six-more-arrested-in-JPEX-crypto-fraud-investigation"},{"credibility":2,"name":"The Standard (HK) — One more man arrested concerning JPEX crypto fraud","type":"news_article","url":"https://www.thestandard.com.hk/news/article/208977/One-more-man-arrested-concerning-JPEX-crypto-fraud"},{"credibility":2,"name":"The Standard (HK) — Police charge 16, including influencer Joseph Lam, in HK$1.6B JPEX crypto fraud case","type":"news_article","url":"https://www.thestandard.com.hk/finance/article/316007/Police-charge-16-including-influencer-Joseph-Lam-in-16B-JPEX-crypto-fraud-case"}]},{"content":"On 5 November 2025, Hong Kong police announced that 16 people — 12 men and 4 women, including influencer Joseph Lam Chok — had been formally charged with conspiracy to defraud, among other offences, in connection with JPEX. Police described this as the first prosecution brought under Hong Kong's 2023 legislation criminalizing the fraudulent inducement of virtual-asset investment. Fifteen defendants appeared before the Eastern Magistrates' Courts, with one additional suspect facing separate, earlier money-laundering charges that were sent to the District Court. On 26 March 2026, police announced that ten further individuals — six men and four women aged 26 to 47 — had been charged with money laundering and conspiracy to launder money, raising the total number of people charged to 26 out of the 80 arrested, with prosecutors expected to seek transfer of the case to the District Court for trial. Separately, crypto influencer Chu Ka-fai (known as 'Master Zhu') had money-laundering charges added to an existing case tied to the investigation and remained on bail as of the reporting reviewed.","heading":"Criminal Prosecutions","severity":"critical","sources":[{"credibility":2,"name":"The Standard (HK) — Police charge 16, including influencer Joseph Lam, in HK$1.6B JPEX crypto fraud case","type":"news_article","url":"https://www.thestandard.com.hk/finance/article/316007/Police-charge-16-including-influencer-Joseph-Lam-in-16B-JPEX-crypto-fraud-case"},{"credibility":2,"name":"The Standard (HK) — Ten more charged in JPEX crypto exchange fraud case, total arrests rise to 80","type":"news_article","url":"https://www.thestandard.com.hk/news/article/327795/Ten-more-charged-in-JPEX-crypto-exchange-fraud-case-total-arrests-rise-to-80"},{"credibility":2,"name":"The Standard (HK) — JPEX crypto scam: HK police issue global Red Notices for trio of fugitive masterminds","type":"news_article","url":"https://www.thestandard.com.hk/news/article/316531/JPEX-crypto-scam-East-Week-HK-police-issue-global-Red-Notices-for-trio-of-fugitive-masterminds"}]},{"content":"Hong Kong police allege that two 'masterminds' and one core member of the JPEX operation fled overseas in 2023 and have been named in Interpol Red Notices distributed to 196 member countries. Media reporting, citing police, identifies the three as Cheung Chun-ching (age 30, reportedly described by police as the operation's 'super brain' who studied in Australia), Kwok Ho-lun (28), and Mok Tsun-ting (27); spelling of the names varies between outlets (e.g., Caixin renders the first name 'Cheung Chon Cheng'). Police have said the three formed a 'trading triangle' and that more indictments against them and others are expected as the investigation continues. As of the most recent reporting reviewed (March 2026), police said the Red Notices remained active and that they would continue working with international law-enforcement partners to locate and apprehend the fugitives; no arrests of the three named individuals had been confirmed.","heading":"Fugitive 'Masterminds' and Interpol Red Notices","severity":"high","sources":[{"credibility":2,"name":"The Standard (HK) — JPEX crypto scam: HK police issue global Red Notices for trio of fugitive masterminds","type":"news_article","url":"https://www.thestandard.com.hk/news/article/316531/JPEX-crypto-scam-East-Week-HK-police-issue-global-Red-Notices-for-trio-of-fugitive-masterminds"},{"credibility":2,"name":"Caixin Global — Hong Kong charges 16 in JPEX fraud as Interpol hunts three fugitives","type":"news_article","url":"https://www.caixinglobal.com/2025-11-06/hong-kong-charges-16-in-jpex-fraud-as-interpol-hunts-three-fugitives-102379631.html"},{"credibility":2,"name":"The Standard (HK) — Ten more charged in JPEX crypto exchange fraud case, total arrests rise to 80","type":"news_article","url":"https://www.thestandard.com.hk/news/article/327795/Ten-more-charged-in-JPEX-crypto-exchange-fraud-case-total-arrests-rise-to-80"}]},{"content":"Reported losses in the case grew substantially as the investigation progressed. Initial reporting in September 2023 cited around 1,641 complaints and roughly HK$1.19 billion (about US$152 million) in alleged losses. By November 2025, Hong Kong police said the number of complainants had risen to approximately 2,636–2,700 and that total reported losses stood at about HK$1.6 billion (roughly US$206 million), which police and local media described as the largest fraud case — by both victim count and amount lost — in Hong Kong's recent history. A separate, unrelated civil claim saw a Hong Kong court award two claimants nearly HK$185,000 in Tether (USDT) against the firm in June 2024, one of the few court outcomes to date involving JPEX directly rather than individuals associated with it.","heading":"Scale of Victim Losses","severity":"critical","sources":[{"credibility":2,"name":"The Block — Hong Kong police receive 1,600 complaints involving $152 million in alleged JPEX fraud","type":"news_article","url":"https://www.theblock.co/post/251689/hong-kong-police-receive-1600-complaints-involving-152-million-in-alleged-jpex-fraud"},{"credibility":2,"name":"The Standard (HK) — JPEX crypto scam: HK police issue global Red Notices for trio of fugitive masterminds","type":"news_article","url":"https://www.thestandard.com.hk/news/article/316531/JPEX-crypto-scam-East-Week-HK-police-issue-global-Red-Notices-for-trio-of-fugitive-masterminds"}]},{"content":"As of the most recent confirmed reporting reviewed (26 March 2026), Hong Kong police had arrested a cumulative total of 80 people and formally charged 26 in connection with JPEX, with assets of roughly HK$228 million frozen. Police described the investigation as ongoing and unusually complex, noting that no individual or company had been identified as JPEX's true operator and that efforts to identify remaining 'masterminds' and core members continued. Three alleged ringleaders remained fugitives abroad under active Interpol Red Notices. No independent, verifiable reporting of further arrests, charges, or fugitive captures between April and October 2026 was found at the time of this investigation; claims of specific arrests in that window could not be confirmed against primary or reputable secondary sources and are not included here. Readers should treat the case as an active, unresolved prosecution subject to further developments.","heading":"Current Status","severity":"high","sources":[{"credibility":2,"name":"The Standard (HK) — Ten more charged in JPEX crypto exchange fraud case, total arrests rise to 80","type":"news_article","url":"https://www.thestandard.com.hk/news/article/327795/Ten-more-charged-in-JPEX-crypto-exchange-fraud-case-total-arrests-rise-to-80"}]}],"sources_used":[{"credibility":1,"name":"SFC Statement on JPEX","type":"regulatory","url":"https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/Statement-on-JPEX"},{"credibility":2,"name":"The Block — Hong Kong police receive 1,600 complaints involving $152 million in alleged JPEX fraud","type":"news_article","url":"https://www.theblock.co/post/251689/hong-kong-police-receive-1600-complaints-involving-152-million-in-alleged-jpex-fraud"},{"credibility":2,"name":"The Standard (HK) — JPEX crypto scam: HK police issue global Red Notices for trio of fugitive masterminds","type":"news_article","url":"https://www.thestandard.com.hk/news/article/316531/JPEX-crypto-scam-East-Week-HK-police-issue-global-Red-Notices-for-trio-of-fugitive-masterminds"},{"credibility":2,"name":"The Standard (HK) — Police charge 16, including influencer Joseph Lam, in HK$1.6B JPEX crypto fraud case","type":"news_article","url":"https://www.thestandard.com.hk/finance/article/316007/Police-charge-16-including-influencer-Joseph-Lam-in-16B-JPEX-crypto-fraud-case"},{"credibility":2,"name":"The Standard (HK) — Ten more charged in JPEX crypto exchange fraud case, total arrests rise to 80","type":"news_article","url":"https://www.thestandard.com.hk/news/article/327795/Ten-more-charged-in-JPEX-crypto-exchange-fraud-case-total-arrests-rise-to-80"},{"credibility":2,"name":"The Standard (HK) — Six more arrested in JPEX crypto fraud investigation","type":"news_article","url":"https://www.thestandard.com.hk/breaking-news/section/4/208947/Six-more-arrested-in-JPEX-crypto-fraud-investigation"},{"credibility":2,"name":"The Standard (HK) — One more man arrested concerning JPEX crypto fraud","type":"news_article","url":"https://www.thestandard.com.hk/news/article/208977/One-more-man-arrested-concerning-JPEX-crypto-fraud"},{"credibility":2,"name":"Caixin Global — Hong Kong charges 16 in JPEX fraud as Interpol hunts three fugitives","type":"news_article","url":"https://www.caixinglobal.com/2025-11-06/hong-kong-charges-16-in-jpex-fraud-as-interpol-hunts-three-fugitives-102379631.html"}],"summary":"JPEX was an unlicensed virtual asset trading platform heavily promoted to Hong Kong retail investors through paid social media influencers. After Hong Kong's Securities and Futures Commission publicly warned that JPEX was unregulated and effectively blocked withdrawals in September 2023, the platform collapsed, triggering what police have called the largest fraud case in Hong Kong's history, with over 2,700 victim reports and roughly HK$1.6 billion (around US$200 million) in alleged losses. As of the most recent confirmed reporting (March 2026), Hong Kong police had arrested 80 people and charged 26, while three alleged ringleaders remain fugitives abroad under active Interpol Red Notices.","timeline":[{"date":"2020","event":"JPEX is reported to have been founded, with a company later registered in Australia used as a front for the platform's global promotional activity.","source":"The Standard (HK)","source_url":"https://www.thestandard.com.hk/news/article/316531/JPEX-crypto-scam-East-Week-HK-police-issue-global-Red-Notices-for-trio-of-fugitive-masterminds"},{"date":"2022-07","event":"Hong Kong's Securities and Futures Commission adds JPEX to its public Alert List of suspicious unregistered entities, over a year before the platform's public collapse.","source":"The Standard (HK) / The Block","source_url":"https://www.theblock.co/post/251689/hong-kong-police-receive-1600-complaints-involving-152-million-in-alleged-jpex-fraud"},{"date":"2023-09-13","date_evidence":"The SFC issued its warning on 13 September 2023, saying JPEX was an unregulated Virtual Asset Trading Platform.","event":"SFC publicly names JPEX as an unregulated virtual asset trading platform that falsely claimed to be licensed, warning investors about its high-yield products.","source":"SFC Statement on JPEX / law-firm summaries","source_url":"https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/Statement-on-JPEX"},{"date":"2023-09","date_evidence":"The SFC referred the case to police on September 14.","date_original":"2023-09-14","event":"SFC refers the JPEX matter to Hong Kong police for criminal investigation.","source":"The Block","source_url":"https://www.theblock.co/post/251689/hong-kong-police-receive-1600-complaints-involving-152-million-in-alleged-jpex-fraud"},{"date":"2023-09","date_evidence":"Joseph Lam, a crypto influencer and former lawyer, was arrested on Monday, September 18, over his alleged association with JPEX.","date_original":"2023-09-18","event":"Hong Kong police raid roughly 20 locations in operation 'Tieguan'/'Iron Gate' and arrest eight people, including influencer Joseph Lam Chok.","source":"The Block","source_url":"https://www.theblock.co/post/251689/hong-kong-police-receive-1600-complaints-involving-152-million-in-alleged-jpex-fraud"},{"date":"2023-10","event":"Arrests climb into the high twenties, including a man surnamed Mok, with police seizing a Lamborghini allegedly tied to proceeds of the scheme; OTC money-changer CryptoPARD's CEO Chan Siu-lung is also arrested during this phase of the investigation.","source":"The Standard (HK)","source_url":"https://www.thestandard.com.hk/breaking-news/section/4/208947/Six-more-arrested-in-JPEX-crypto-fraud-investigation"},{"date":"2024-06","event":"A Hong Kong court awards two claimants nearly HK$185,000 in Tether (USDT) in a civil case against JPEX.","source":"The Standard (HK)","source_url":"https://www.thestandard.com.hk/news/article/316531/JPEX-crypto-scam-East-Week-HK-police-issue-global-Red-Notices-for-trio-of-fugitive-masterminds"},{"date":"2025-11-05","date_evidence":"05-11-2025","event":"Hong Kong police charge 16 people, including influencer Joseph Lam Chok, with conspiracy to defraud — the first prosecution under Hong Kong's 2023 law criminalizing fraudulent inducement of virtual-asset investment.","source":"The Standard (HK)","source_url":"https://www.thestandard.com.hk/finance/article/316007/Police-charge-16-including-influencer-Joseph-Lam-in-16B-JPEX-crypto-fraud-case"},{"date":"2025-11","event":"Hong Kong police confirm Interpol Red Notices have been issued to 196 member countries for three alleged fugitive ringleaders: Cheung Chun-ching, Kwok Ho-lun, and Mok Tsun-ting.","source":"The Standard (HK)","source_url":"https://www.thestandard.com.hk/news/article/316531/JPEX-crypto-scam-East-Week-HK-police-issue-global-Red-Notices-for-trio-of-fugitive-masterminds"},{"date":"2026-03-26","date_evidence":"26 March 2026, 18:02 HKT","event":"Hong Kong police charge ten more people with money laundering and conspiracy to launder money, bringing the total charged to 26 and total arrests to 80; roughly HK$228 million in assets remain frozen.","source":"The Standard (HK)","source_url":"https://www.thestandard.com.hk/news/article/327795/Ten-more-charged-in-JPEX-crypto-exchange-fraud-case-total-arrests-rise-to-80"}]},"v":1}

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