JPEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto: Asia Express

JPEX on charges of fraud and operating an unlicensed virtual assets exchange. More than 2,000 users are estimated to have been affected by the scandal, with total funds of $1.3 billion Hong Kong dollars involved in the incident . Police allege users’ assets have been embezzled by JPEX staff.

In a dramatic raid on September 13 — day one of the conference — Hong Kong police arrested key executives, leading its staff to abandon its corporate booth. The exchange subsequently applied for voluntary deregistration with the Australia Securities & Investment Commission, disclosing that its Australian entity had little assets left. After the news broke, JPEX reportedly raised its withdrawal fees to 999 USDT per transaction to prevent capital flight.

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