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Hong Kong police arrest 12th suspect in connection with JPEX crypto scandal

Hong KongPolitics

Hong Kong JPEX cryptocurrency scandal: police arrest 12th suspect, as city leader John Lee welcomes move to name trading platforms eyeing licence

Source says suspect is Wong Sheung-yin, 23-year-old director of over-the-counter shop Money Lupin, as alleged losses in case reach HK$1.5 billionChief Executive John Lee says investors will benefit from decision by Securities and Futures Commission to identify virtual asset trading platforms applying for licenceJohn LeeKahon Chan,Natalie WongandWilla WuPublished: 12:21pm, 26 Sep, 2023Why you can trust SCMP

Hong Kong police on Tuesday arrested a 12th suspect in connection with the scandal over cryptocurrency platform JPEX, as the city’s leader welcomed a move by the securities watchdog to disclose pending licence applications by virtual asset trading platforms.

A source familiar with the case said the suspect was Wong Sheung-yin, a 23-year-old director of over-the-counter cryptocurrency exchange store Money Lupin. The arrest came after comments by Chief Executive John Lee Ka-chiu on a U-turn by the Securities and Futures Commission to name cryptocurrency firms seeking to set up trading services under regulation launched in June.

“This clear information will assist investors to make decisions as to what they should do when they consider making an investment,” Lee told reporters before the weekly meeting of key decision-making body the Executive Council.

Alleged losses in virtual assets in the JPEX saga have reached HK$1.5 billion (US$191.9 million), with the commission coming under fire for what critics said was a slow response to sound the alarm despite complaints against the platform.

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