▫️Influencer arrested for cryptocurrency-related fraud worth $128 million.
An influencer named Joseph Lam was arrested in Hong Kong on accusations of scamming more than 1,400 people out of a total of $128 million.
Authorities claimed that this fraud was carried out through the illegal cryptocurrency platform known as JPEX.
Lam, an influencer in the world of cryptocurrencies, promised monthly returns of up to 21%. However, JPEX operated without legal support in the country and attracted numerous people who deposited large sums of money without making any profits.
The Hong Kong Securities and Futures Commission held JPEX responsible for promoting its services through online celebrities and over-the-counter exchangers.
Authorities warned the public about the need to be skeptical of investment advice on social media and instant messaging platforms, especially when it comes from paid promoters rather than investment professionals.
The case also highlighted the importance of regulation in the cryptocurrency space and the need to protect investors from fraudulent activities.
Lam, after her arrest, shared having suffered huge financial losses and voluntarily provided information to the police.
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