The JPEX cryptocurrency trading platform fraud case has led to the arrest of 28 people, with over 2,500 individuals filing reports, involving more than 1.5 billion HKD.
It is reported that many JPEX victims deposited their funds through OTC shops like CryptoPard and Coingaroo or from KOLs. The promise of USDT returns exceeding 14% served as a major selling point. One victim spent over 12,000 HKD to enroll in three courses offered by CryptoPard. The course instructors consistently promoted JPEX to the students, and nearly all students ended up depositing funds into the platform.
Related: Hong Kong OTC Outlets Market | Crypto Daily Digest Oct.9
Based on information from 149 victims, it was found that they had all used different OTC services or KOLs for fund deposits. More than half had used Coingaroo. Additionally, some victims had utilized various OTC services or other cryptocurrency-related channels. Over 80% of the victims had invested in JPEX products recommended by OTC services or KOLs.
Reportedly, individuals who invested over a million HKD expressed that they have trouble sleeping every night after the incident and have even had thoughts of suicide.
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