Operation Results in Hong Kong Cryptocurrency Scam: 16 People Charged, Over $2 Billion Lost

WhaleWatcher · 2026-01-13T08:22:59+00:00

Sixteen people related to cryptocurrency scams in Hong Kong, including founding members of JPEX and others, have been charged. There are losses of HK$1.6 billion and over 2,700 victims. The operation began in September and resulted in 80 arrests. The legal process is ongoing.

WhaleWatcher

2026-01-13 08:22:59

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In the Hong Kong cryptocurrency scam case, the police department has officially charged 16 individuals following a major operation. Among these suspects are founding members of JPEX, influential influencers, OTC (over-the-counter) traders, and operators of secret accounts. The losses involved in the case have exceeded 1.6 billion HK$, affecting over 2,700 victims.

Scope of Operation and Number of Arrests

The investigation conducted by the Hong Kong Police Force’s Commercial Crime Bureau began in September 2023 and resulted in 80 arrests between September and November. The official charges announced on November 5th represent the final phase of investigations into the unlicensed operation known as the “Green Stone Digital Asset Platform.”

Profile of the Accused

The charges brought by the prosecution are multifaceted. Six core members of JPEX face accusations of fraud conspiracy, money laundering, and illegal investment promotion. Additionally, seven individuals serving as OTC market operators facilitating cryptocurrency transfers and three suspects identified as fake profile managers are also included in the case.

Identification of Fugitives and International Cooperation

Investigation teams have identified two main suspects and an influential member of the organization who remains at large. The police have issued a Red Notice through (Interpol) to apprehend these individuals. As a result, it is known that these two criminals are actively being sought internationally.

Financial Scope and Asset Freezing

The Hong Kong cryptocurrency scam case is one of the largest financial crimes in recent years. Authorities have frozen assets worth approximately 228 million HK$. The remaining funds are still under investigation, and discussions about compensation processes among victims are ongoing.

Ongoing Investigation

The police have announced that they will continue their investigation and expect further charges to be filed. Given the scope of the Hong Kong cryptocurrency scam case, additional arrests and charges are likely.

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