In September 2023, JPEX illegally promoted and operated in Hong Kong, and a large number of victims were reported; Taiwan also suffered disasters. Hong Kong's "Ming Pao" reported that two victims recently formally filed a civil claim case with the District Court, becoming the first civil lawsuit against JPEX.

(Taiwan has zero action against JPEX? JPEX has invested tens of millions of dollars in Taiwan, and its spokespersons and sponsoring media have made a lot of money)

JPEX victims seek compensation

The two victims in the case, Chan Wing Yan and Lee Sung Him Herbert, have entrusted a law firm to recover 240,000 Tether (USDT) or 1.85 million from a total of 7 defendants including JPEX Group and related parties. Hong Kong dollar. Zhu Qiaohua said that if this lawsuit can successfully claim compensation, it will provide a powerful legal example for other victims.

The defendants include multiple companies and individuals

The defendants targeted by plaintiffs Chen Yingen and Li Shunqian include JPEX's company registered in Australia "JP-EX CRYPTO ASSET PLATFORM PTY LTD", the company registered in Hong Kong "WEB3.0 TECHNICAL SUPPORT LIMITED", and the holders of three blockchain wallet addresses , Zhao Jingxian, general manager of the over-the-counter exchange "Coingaroo", and any other individuals who assisted or participated in the transfer of the plaintiff's assets.

Lecture Investment Traps

The complaint states that from July to August last year, after attending a virtual currency lecture held by Internet celebrity Lin Zuo, Chen Yingen believed that JPEX was a licensed, authentic and credible virtual asset trading platform. Subsequently, she opened three accounts on the JPEX platform in her own name and Li Shunqian's name, and deposited virtual coins multiple times, including depositing approximately 6,220 USDT from the Binance platform to the JPEX account.

Internet celebrity invitation code evidence

Chen Yingen also used the invitation code provided by Lin Zuo to purchase USDT on Coingaroo, and under the guidance of Zhao Jingxian, deposited 1.85 million Hong Kong dollars in Zhao's Tianxing Bank and Lihui Bank accounts in cash or transfer, in exchange for etc. worth of Tether.

JPEX Unauthorized Transfer

According to the complaint, on September 13 last year, the Securities and Futures Commission issued a warning statement stating that JPEX was unlicensed and had not applied for a license. Subsequently, JPEX increased its handling fees and restricted users from withdrawing coins. On the same day, Chen Yingen discovered on the blockchain browser that funds from her three accounts had been transferred without authorization, but the JPEX account still showed that it held virtual assets, including JPC and JPP platform coins, Bitcoin and USDT. The balance is approximately equivalent to 264,000 USDT.

Ask the defendant to trace the whereabouts of the funds and compensate them

The plaintiff requested the court to declare that the first to fourth and seventh defendants had breached their fiduciary duties and were required to hold approximately 240,000 USDT in trust for the two plaintiffs, and to trace the whereabouts of these assets or pay corresponding compensation. The plaintiff also asked the court to prohibit the defendants or their employees from handling these assets and to provide an alternative to treat the platform account balance as a loan and require the defendants to repay it.

Major fraud case JPEX: HK$1.6 billion, 2636 victims

As of April 18 this year, the police had received reports from 2,636 victims in the JPEX case, involving approximately HK$1.6 billion, 72 people had been arrested, and assets of approximately NT$228 million had been frozen. The success of this lawsuit may provide a reference for other victims to recover their losses and further promote the resolution of the JPEX incident.

This article JPEX first civil lawsuit! Hong Kong victims sued JPEX, asking relevant parties to trace the lost assets and compensate them. First appeared on Chain News ABMedia.