Epic Games lays off 830 staff, citing ‘unrealistic’ metaverse ambitions
September 29th, 2023

The new legislation aims to protect crypto investors from disputes, manipulation or fraud potentially stemming from transactions occurring off-chain.

On Sept. 29, local media outlet Radio Television Hong Kong reported that two Hong Kong men involved in the JPEX case were arrested. According to the report, the two were responsible for creating accounts in casinos based in Macau to allegedly launder illegal funds. As the suspects were arrested, the police froze casino assets and seized cash worth over 14 million Hong Kong dollars ($1.7 million).

Meanwhile, another local publication, the South China Morning Post, reported that two additional people were arrested, with one suspect allegedly found destroying potential evidence with paper shredders and bleach in the bathtub of an apartment. This brings the total number of detained suspects to 18. Furthermore, cash and gold worth 8.7 million HKD ($1.1 million) were seized in three apartments in the latest police operation.

Related: JPEX blames partners for ‘maliciously’ freezing funds, causing liquidity crisis

The scandal started when Hong Kong’s financial watchdog issued a warning against JPEX for promoting its services in Hong Kong without the proper licenses. Following the wa

rning, the exchange hiked its withdrawal fees to almost $1,000, while its staff abandoned their booths at the recent Token 2049 event in Singapore.

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