Six more arrested in JPEX crypto fraud investigation

Six more people were arrested by the police in connection with suspected cryptocurrency fraud involving the unlicensed crypto exchange JPEX, pushing the arrest tally to 26.

Sources said the six male arrestees were aged between 23 to 54. That included a 35-year-old man, surnamed Chan, who is the chief executive officer of an over-the-counter (OTC) shop named "CryptoPARD."

One of his shops, located on Carnarvon Road in Tsim Sha Tsui, was searched by the officers on Thursday. A 37-year-old former senior executive was also nabbed.

The other arrested were the staff of another two OTC virtual asset money changers.

Authorities allege the unlicensed crypto platform defrauded investors of HK$1.6 billion with over 2,500 alleged victims.