Delayed Justice: Hong Kong's JPEX Scandal Heads to 2026 as Influencers Face $206M Fraud Allegations

The Case Postponement

Hong Kong’s courts have extended the timeline for prosecuting the high-profile JPEX cryptocurrency exchange collapse, pushing the next hearing back to March 16, 2026. The adjournment was granted during a Monday session at the Eastern Magistrate’s Court, as prosecutors require additional time to compile and organize evidence gathered over two years of investigation into the illicit operation.

Victims and Scale of Loss

The fallout from JPEX’s implosion has devastated over 2,700 investors across multiple jurisdictions. Combined losses exceed $206 million (HK$1.6 billion), making this one of the region’s most damaging cryptocurrency fraud cases. The platform’s collapse in September 2023 followed a critical warning from Hong Kong’s Securities and Futures Commission (SFC) regarding the exchange’s unlicensed status and fraudulent marketing claims.

Who’s Facing Charges

A group of social media personalities stands accused of orchestrating and promoting JPEX’s services, effectively serving as the platform’s public ambassadors. The defendants, including lawyer-turned-content-creator Joseph Lam, YouTuber Chan Wing-yee, former television actor Cheng Chun-hei, and fitness professional Chiu King-yin, face multiple charges: conspiracy to defraud, fraud itself, fraudulent inducement to invest in virtual assets, and money laundering-related offenses.

During the Monday hearing, seven of eight defendants received bail renewal under existing terms. The exception is former actor Cheng, who did not petition for bail and will remain in custody awaiting trial.

Broader Investigation Scope

The JPEX investigation extends far beyond the influencers now facing trial. November’s police operations resulted in 16 arrests, targeting six suspected ringleaders of the JPEX operation, seven individuals connected to underground crypto trading networks, and three individuals operating fraudulent accounts. The total arrest figure since the investigation began exceeds 80 people. Charges range from conspiracy and financial crime to obstruction of justice and unlicensed virtual asset promotion.

Three men believed to be principal architects of the scheme—Hong Kong nationals Mok Tsun-ting (27), Cheung Chon-cheng (30), and Kwok Ho-lun (28)—remain at large. Interpol red notices have been issued for their capture. Kwok, listed as sole director of an Australia-based entity linked to JPEX, has been a fugitive since 2023, with authorities unconfirming whether he still operates from Australian territory.

Impact on Hong Kong’s Crypto Ambitions

JPEX’s collapse has reverberated through Hong Kong’s digital asset sector. The scandal prompted the SFC to overhaul how it communicates licensing status and educates consumers about virtual asset risks. Public confidence in cryptocurrencies suffered significantly during a period when local government actively positioned the city as a Web3 and digital finance hub.

The platform’s victims were not confined to Hong Kong—similar fraud losses occurred among users in the Philippines and Taiwan, underlining the scheme’s transnational reach and coordination.