{"id":59730,"date":"2023-09-20T04:26:10","date_gmt":"2023-09-20T08:26:10","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=59730"},"modified":"2023-09-20T04:26:12","modified_gmt":"2023-09-20T08:26:12","slug":"hong-kongs-jpex-exchange-suspected-of-rugpull","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/hong-kongs-jpex-exchange-suspected-of-rugpull\/","title":{"rendered":"Hong Kong’s JPEX Exchange Suspected of RugPull"},"content":{"rendered":"\n

In response to allegations of fraud at the KJPEX exchange, Hong Kong regulators announced that they would tighten regulatory rules.<\/a><\/p>\n\n\n\n

\"\"
Hong Kong's JPEX Exchange Suspected of RugPull<\/figcaption><\/figure>\n\n\n\n

In a recent development, the blockchain analytics firm Bitrace\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> mentioned the possibility of RugPull activity at the Hong Kong exchange JPEX. <\/p>\n\n\n\n

More than 190 million TRC20-USDT tokens have passed through the exchange's platform in the last twenty months, leading to allegations of its involvement in a money laundering scheme.<\/p>\n\n\n\n

Previously, Hong Kong police had detained an internet celebrity for endorsing JPEX, and they had received over 83 complaints totaling approximately HK$34 million. Bitrace's recent disclosure introduces a new risk factor, further complicating the situation for investors and regulatory authorities.<\/p>\n\n\n\n

Bitrace pointed out that JPEX, the Hong Kong exchange suspected of RugPull, has recently been used as a money laundering venue. The related address has flowed more than 190 million risk TRC20-USDT in the past 20 months. There may be risks for investors receiving withdrawals from\u2026 pic.twitter.com\/EZYirBsnpU<\/use><\/svg><\/span><\/a><\/p>— Wu Blockchain (@WuBlockchain) September 20, 2023<\/use><\/svg><\/span><\/a><\/blockquote> \n\n\n\n

The substantial presence of risk TRC20-USDT on the platform raises concerns about possible involvement in a broader financial crime network. The Hong Kong Securities and Futures Commission (SFC) <\/use><\/svg><\/span><\/a>urged extreme caution when interacting with JPEX, especially for deposit and withdrawal transactions.<\/p>\n\n\n\n

This occurrence highlights the numerous dangers associated with cryptocurrency investments. It emphasizes the need for investors to consider not only the volatility of digital assets but also the security and credibility of the platforms they choose to utilize.<\/p>\n\n\n\n

Hong Kong's Regulatory Authorities Tighten Rules Due to JPEX<\/h2>\n\n\n\n

Hong Kong regulators announced on Tuesday, September 19 that they would tighten regulations for digital assets after police arrested six individuals on suspicion of fraud against the JPEX exchange.<\/p>\n\n\n\n

The Securities and Futures Commission reported over 1,400 complaints were lodged against JPEX. Consequently, losses surpassed 1 billion Hong Kong dollars ($127.9 million).<\/p>\n\n\n\n

In addition, numerous investors complained that they could not withdraw virtual assets from their JPEX accounts or that their account balances had been altered without their permission.<\/p>\n\n\n\n

John Lee, the chief executive of Hong Kong, announced on Tuesday that the government would increase its efforts to educate investors and encourage them to use only SFC-regulated exchanges. JPEX, a cryptocurrency exchange,<\/a> announced over the weekend that it would temporarily suspend operations.<\/p>\n","protected":false},"excerpt":{"rendered":"

In response to allegations of fraud at the KJPEX exchange, Hong Kong regulators announced that they would tighten regulatory rules. In a recent development, the blockchain analytics firm Bitrace mentioned the possibility of RugPull activity at the Hong Kong exchange JPEX. More than 190 million TRC20-USDT tokens have passed through the exchange’s platform in the […]<\/p>\n","protected":false},"author":53,"featured_media":59733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,32],"tags":[5875,15045,16455,5785,16490],"class_list":["post-59730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto-exchange-news","tag-fraud-2","tag-honk-kong","tag-jpex","tag-regulations-2","tag-rugpull"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/JPEX-1.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=59730"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/59733"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=59730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=59730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=59730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}