JPEX crypto exchange launches asset-lock-up plan, as some users cry foul

Example of JPEXs DAO dividend scheme repurchase choices. A JPEX user– who was given anonymity– told the South China Morning Post in an Oct. 4 report claims her properties had actually been converted relatively without her agreement or prior knowledge.She declares that she and other users found they might no longer withdraw their possessions following JPEXs announcement to continue with the plan.The Hong Kong cops and the citys Securities and Futures Commission have formed a joint job force to break down on prohibited crypto exchange activities. The JPEX scandal continues to unfold.

” All of my [Tether] USDT and other cryptocurrencies are gone,” the person stated. She claimed her possessions were converted to JPC– a low liquidity token with few usage cases.” Some other users holding the tokens and other properties have likewise discovered them moved,” the user stated. “Given the unknown price and the impossibility of withdrawal, our properties have now ended up being simply waste.” Its not understood if individuals quoted in the report enacted favor of the strategy but some JPEX users previously informed the SCMP they d been required to accept the plan as there was no option to vote against it on its app.JPEX did not instantly respond to Cointelegraphs ask for comment.Related: New book claims Binance CEO CZ turned down SBFs $40M ask for futures exchangeJPEXs dividend plan comes in the middle of Hong Kong authorities detaining multiple individuals in connection with the exchange as its accused of operating an unapproved crypto platform by the regions securities watchdog.Hong Kong authorities state the Dubai-based exchange defrauded a minimum of 2,300 individuals of $178 million (1.4 billion Hong Kong dollars). Previously on Oct. 4, the areas authorities and securities regulator released a crypto-focused task force intending to fight illicit activities by crypto exchanges.Magazine: How to safeguard your crypto in an unstable market– Bitcoin OGs and experts weigh in