Hong Kong Arrests Crypto Influencer in JPEX Fraud Probe
Hong Kong police have arrested crypto influencer Joseph Lam, also known as "jolamchok" on Instagram, for his association with the crypto exchange JPEX. Lam's arrest comes after investigations into the liquidity crisis of JPEX, with the police raiding his office and seizing evidence. The Securities and Futures Commission of Hong Kong has blamed JPEX for promoting its services through online celebrities. Lam is accused of presenting investment schemes to a cryptocurrency chat group, convincing one victim to invest HKD 100,000. JPEX has blamed regulators and third-party market makers for the liquidity crisis and plans to recover liquidity and adjust withdrawal fees.