{"id":80559,"date":"2024-06-06T16:47:42","date_gmt":"2024-06-06T20:47:42","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=80559"},"modified":"2024-06-06T16:47:45","modified_gmt":"2024-06-06T20:47:45","slug":"investors-file-first-civil-suit-against-jpex-exchange","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/investors-file-first-civil-suit-against-jpex-exchange\/","title":{"rendered":"Investors File First Civil Suit Against JPEX Exchange"},"content":{"rendered":"\n

Two individuals have initiated a civil lawsuit<\/a> against JPEX, a cryptocurrency trading corporation, and other defendants. This is the first lawsuit in the case, and additional lawsuits are expected.<\/p>\n\n\n\n

\"Investors
Investors File First Civil Suit Against JPEX Exchange<\/figcaption><\/figure>\n\n\n\n

In Hong Kong district court, Herbert Lam Sung-him and Chan Wing-yan are each seeking $236,500, according to the South China Morning Post. The pair submitted three alternative claims on June 4, which would allow the court to select one of them.<\/p>\n\n\n\n

In addition to JPEX, the suit names an affiliated company \u2014 Web3.0 Technical Support \u2014 as defendants, as well as “any persons who carried out or assisted in the scheme,” three individuals identified as “wallet holder[s],” and Felix Chiu King-yin, general manager of JPEX-associated cryptocurrency exchange Coingaroo.<\/p>\n\n\n\n

\"\"
The JPEX app. Source: Google Play\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/em><\/figcaption><\/figure>\n\n\n\n

JPEX's Civil Lawsuit<\/h2>\n\n\n\n

Chan made three transfers into JPEX accounts in July and August, totaling $110,500 in Tether and $130,000 in cash at the current exchange rate. This is the essence of the lawsuit. <\/p>\n\n\n\n

Lam was the beneficiary of one of the transfers. The plaintiffs were subsequently unable to withdraw those funds. They discovered the funds had been transferred from their purses “within five minutes” of deposit.<\/p>\n\n\n\n

The sole method for victims of the purported fraud to recover funds is through a civil suit, according to Joshua Chu Kiu-wah, the attorney representing Chan and Lam. Additionally, he stated:<\/p>\n\n\n\n

\n

\u201cThe findings from the civil proceedings may potentially bolster the parallel criminal investigation against the suspects, underscoring the importance of this multifaceted legal strategy for the victims.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

JPEX Purported Accomplices<\/h2>\n\n\n\n

In September, the Hong Kong Security and Futures Commission <\/a>identified Dubai-based JPEX as an unlicensed virtual asset trading platform, prompting an investigation. <\/p>\n\n\n\n

There were eleven arrests that month. As of June 3, the Hong Kong Free Press reported that the total number of arrestees had increased to 73, and all have been released on parole.<\/p>\n\n\n\n

\"Source:
Source: Cryptadamist<\/em><\/figcaption><\/figure>\n\n\n\n

The detained individuals included Joseph Lam Chok, a social media influencer known as Lin Zuo. In their lawsuit, the plaintiffs identified him by name.<\/p>\n\n\n\n

By April, the police had received 2,265 complaints regarding JPEX. Legislator Johnny Ng Kit-Chong stated that he was in contact with hundreds of alleged victims and was aware of ten additional civil suits currently being contemplated.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two individuals have initiated a civil lawsuit against JPEX, a cryptocurrency trading corporation, and other defendants. This is the first lawsuit in the case, and additional lawsuits are expected. In Hong Kong district court, Herbert Lam Sung-him and Chan Wing-yan are each seeking $236,500, according to the South China Morning Post. The pair submitted three […]<\/p>\n","protected":false},"author":12,"featured_media":80563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[5580,19876,19236],"class_list":["post-80559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-crypto-exchange-2","tag-civil-suit","tag-jpex-exchange"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/image-23.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/80559","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=80559"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/80559\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/80563"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=80559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=80559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=80559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}