Taiwan Authorities Arrest Two Suspects in JPEX Scandal Amid Ongoing Investigation

Watch Icon
News
Taiwan Authorities Arrest Two Suspects in JPEX Scandal Amid Ongoing Investigation
Source: Pixabay

The Taipei District Prosecutors Office has detained two individuals linked to JPEX, the cryptocurrency exchange, as part of an ongoing investigation into suspected fraud.

The arrests come as a result of their alleged involvement in violations of relevant banking and anti-money laundering laws, according to reports from Taiwan’s Central News Agency.

JPEX Taiwan’s Chief Partner Detained

Chang Tung-Ying, who serves as the chief partner of JPEX’s Taiwan Office, and Shi Yu, a lecturer affiliated with the exchange, were taken into custody following the probe’s progress.

The investigation is part of a wider crackdown on JPEX’s operations, which have recently come under intense scrutiny due to alleged fraudulent activities.

Prosecutors in Taiwan have acted swiftly, directing the local justice investigation bureau to conduct probes at multiple locations.

As a result, four individuals were summoned, including the recently detained Chang Tung-Ying and Shi Yu. One suspect, surnamed Liu, was released on bail, while another, surnamed Niu, was released after questioning.

JPEX, which ventured into promoting cryptocurrency-related products and soliciting investments back in June, has faced a growing list of allegations and legal actions.

Even Nine Chen, a well-known Taiwanese singer and former brand ambassador for JPEX in Taiwan, has been brought into the investigation as a witness. If his involvement is deemed substantial, he may be summoned as a defendant in a lawsuit.

The JPEX scandal is estimated to be over $213 million.

JPEX Faces Several Lawsuits After Alleged Fraud

The extent and scale of JPEX’s operations in Taiwan remain somewhat shrouded in mystery, but it is evident that the ongoing investigation is attracting the attention of numerous individuals who claim to be affected by the exchange’s activities. More than ten victims have already initiated lawsuits in connection with the case.

Earlier, Taiwan introduced anti-money laundering regulations in July 2021, requiring compliance by such entities. However, JPEX has not registered with the Financial Supervisory Commission (FSC) for anti-money laundering compliance.

Taiwan also introduced stricter regulations for foreign crypto exchanges.

As reported earlier, Hong Kong authorities arrested at least 11 people associated with JPEX’s alleged fraudulent activities. In addition to arrests, the Hong Kong financial regulator and police took measures to block JPEX’s mobile app and website.

The post Taiwan Authorities Arrest Two Suspects in JPEX Scandal Amid Ongoing Investigation appeared first on Cryptonews.

 
More News

Roobet Celebrates Nippon Baseball Champion...

Watch Icon
Last updated

Roobet, the pioneering entertainment company and next-generation crypto brand, is thrilled to announce its official launch in the Japanese market.  This exciting expansion coincides with the highly anticipated season opening of the Nippon Professional Baseball League (NPB) on October 28. As the season kicks off, Roobet is ready to bring a fresh wave of innovation … Continued The post Roobet Celebrates Nippon Baseball Championship With $1,000,000 Free-To-Play Contest appeared first on BeInCrypto.

Hong Kong Licensed Crypto Exchange Hashkey...

Watch Icon
Last updated

In a recent funding round, HashKey Group, the operator of one of Hong Kong’s two licensed crypto exchanges, successfully raised close to $100 million with a valuation of over $1.2 billion. Hashkey Group announced the completion of the series A funding round earlier today in a statement, revealing that both existing and new investors contributed The post Hong Kong Licensed Crypto Exchange Hashkey Operator Raises $100M With $1.2B Valuation appeared first on Cryptonews.

TORN Token Price Tanks 60% Following Binan...

Watch Icon
Last updated

Source: Adobe / maurice norbert TORN, the governance token of the Ethereum-based coin mixing protocol Tornado Cash, lost more than half of its value within just an hour on Monday after Binance said it would delist the token. From trading at a price right around $4 at 6 am UTC time on Monday, TORN one The post TORN Token Price Tanks 60% Following Binance Delisting News – Here’s What Happened appeared first on Cryptonews.

Back to Top