Hong Kong Authorities Arrest Prominent Crypto Influencer Linked to JPEX

Hong Kong Crypto Influencer “jolamchok” Arrested for Alleged Involvement with JPEX Exchange

Reports have emerged of the arrest of Joseph Lam, a prominent Hong Kong-based social media influencer known as “jolamchok” on Instagram. Lam’s arrest is reportedly linked to his association with the embattled cryptocurrency exchange JPEX. Hong Kong law enforcement conducted a raid on his office, where they seized boxes of potential evidence, including a bag of banknotes.

According to the South China Morning Post, the Securities and Futures Commission of Hong Kong has recently placed blame on JPEX for actively promoting its services and products to the public through online celebrities and over-the-counter money changers. Additionally, there are unverified reports that Lin Zuo presented investment “schemes” in a cryptocurrency chat group, with one alleged victim, Miss Chen, investing 100,000 Hong Kong dollars ($12,800) in crypto.

Joseph Lam has yet to respond to the allegations, and his stance on the matter remains unclear. However, there have been reports suggesting that he made claims in the chat group, such as people demanding payments from him and threats related to increased financial demands.

On September 17, Lam shared a news article asserting that he was not directly impacted by the JPEX incident, accompanied by the caption, “Whatever doesn’t kill you makes you stronger.” Subsequently, he cooperated with law enforcement by providing necessary information alongside his legal representation.

JPEX, for its part, has blamed regulators and “third-party market makers” for a liquidity crisis that led to increased withdrawal fees and the suspension of certain operations. They have pledged to restore liquidity from third-party market makers and gradually return withdrawal fees to normal levels once negotiations are finalized.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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