JPEX scandal: Taiwan determines new suspects in alleged fraud — Report

The saga of the imploded cryptocurrency exchange JPEX continues to establish as Taiwanese district attorneys have actually apparently found brand-new alleged suspects.The Taipei District Prosecutors Office (TDPO) requested Chang Tung-ying, the primary partner at JPEXs office in Taiwan, be held in custody over supposed fraud, the regional TV channel TVBS News reported on Nov. 9. Taipei district attorneys supposedly browsed 9 areas related to the JPEX investigation and summoned Chang and 3 other alleged suspects. The authorities recognized Chang and JPEX lecturer Shih Yu-sheng (also called Shi Yu) as suspects in the event for violating the Banking Act and the Money Laundering Control Act.Other accuseds were released, consisting of JPEX sales representatives Liu Chien-fu and Niu Keng-sheng. According to the report, Liu was released on bail of 50,000 new Taiwan dollars ($ 1,550), while Niu, a signed up person in charge of JPEX Taiwan, was released after questioning.The report also noted that Nine Chen, a Taiwanese celebrity and vocalist who as soon as represented JPEX as a brand name ambassador, was likewise summoned by district attorneys. Prosecutors supposedly named Nine Chen as an offender after initially calling him to affirm as a witness.Nine Chen as JPEX brand ambassador. Source: JPEXOnce a successful crypto exchange, JPEX abruptly stopped some services in mid-September 2023, mentioning a liquidity crisis set off by “unjust treatment” from several institutions in Hong Kong. The abrupt implosion sustained accusations about JPEX misleading investors by claiming to have actually looked for a crypto trading license and other issues.Related: JPEX scandal will not harm Hong Kong crypto vision: Financial SecretaryJPEX quickly ended up being the center of a significant scandal in the market. Hong Kong authorities introduced an examination after receiving over 2,000 grievances from JPEX users reporting almost $180 million in losses. The implosion of JPEX has become a substantial issue for monetary regulators in Hong Kong, Taiwan and other countries, with lots of authorities starting brand-new measures to protect financiers from losses due to similar incidents.As of Sept. 25, law enforcement has actually arrested a minimum of 11 alleged suspects in the JPEX case, while the alleged masterminds are still at large.Magazine: Bitmains revenge, Hong Kongs crypto rollercoaster: Asia Express