The largest crypto scam in Hong Kong: details of the closure of the JPEX exchange
September 19th, 2023

In the heart of Hong Kong's bustling digital asset landscape, a seismic shockwave has rippled through the industry, leaving the JPEX exchange in a state of suspended animation. This unexpected hiatus unfolds against the backdrop of a liquidity tempest, a formidable foe that prompted the vigilant gaze of the local Securities and Futures Commission (SFC) to fixate on the unfolding drama. The SFC's gears are grinding with a tenacity commensurate with the enormity of the situation, launching a sweeping, comprehensive investigation into the unsettling circumstances.

As the news reverberated through the metropolis, a torrent of discontented voices found their outlet in the offices of law enforcement. Thousands of complaints, a cacophonous chorus of grievances, flooded the police precincts, each representing a patron of the beleaguered exchange who bore witness to their wealth dissipating into the digital abyss. The collective tally of these disheartened souls now stands as a staggering monument to the scale of the losses, an awe-inspiring testament to the sum of their financial misfortunes, towering at an eye-watering excess of $152 million.

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