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JPEX Event Tracking: How to Avoid Unregulated Exchanges?

WikiBit 2023-09-16 21:51

Abstract: JPEX Development Update: Risks Involving Funds, Empty Building, and 85 Users Have Filed Reports

Earlier, the Securities and Futures Commission (SFC) of Hong Kong revealed that the virtual asset trading platform JPEX operated without a license. The SFC clarified that none of the entities under the JPEX Group had obtained a license from the SFC, nor had they applied for a license to operate a virtual asset trading platform in Hong Kong.

Following the incident, JPEX provided an explanation. For detailed information, you can refer to the previous report by WikiBit on this matter:

Renowned Hong Kong actor Julian Cheung was previously appointed as the brand ambassador for JPEX, not only for promotional activities in Hong Kong but also as a representative of the platform. Additionally, Taiwanese singer Chen Ling Jiu also endorsed JPEX.

Vacancy Strikes JPEX's “Asian Blockchain Tower”

According to reports, JPEX's “Asian Blockchain Building,” which claimed to spend 3.4 million New Taiwan Dollars (approximately 770,000 Chinese Yuan) per month on rent, now stands empty. Ever since the exposure of JPEX's “Asian Blockchain Building” in June of this year, it has been revealed that the interior has remained in an unfinished state. Upon investigation, Taiwan's Hefong International Logistics Co., Ltd. issued a statement yesterday stating that JPEX Exchange had leased floors 2-6, 10, and the exterior wall advertising of No. 7, Section 4, Zhongxiao East Road, but all of their personnel maliciously vacated the building. The company's actions are unrelated to this exchange, and they have suffered damages as a result, hence, they will seek compensation from the exchange along with other affected parties.

Official Announcement from JPEX

JPEX has issued a response and special announcement regarding the Securities and Futures Commission (SFC) of the Hong Kong Special Administrative Region. In their statement, JPEX indicated that they have adjusted the withdrawal fees for USDT and established a special task force to assess future development directions while awaiting further guidance from the SFC.

While the announcement mentions that users with urgent withdrawal needs can arrange for expedited withdrawals by filling out a form, community members have reported that after submitting the form, they were asked to provide identification and income-related documents. Community members advise against submitting personal information to JPEX, as there may be concerns about its potential misuse for unlawful purposes.

According to Bitrace tracking, JPEX addresses have experienced significant fund contamination. One of the hot wallet recharge addresses received over 190 million risky USDT in the past 20 months. The two addresses with the highest number of transfers to one of its hot wallets are both classified as high-risk addresses. The first address received 969 transfers totaling 1,092,244 USDT, with Bitrace labeling the risk type as “money laundering.” The second address received 897 transfers totaling 387,692 USDT, and Bitrace marked the risk type as “black/gray market.”

As of September 15th, Hong Kong's Commissioner of Police, Chris Tang, stated that they have received reports from 83 individuals, involving approximately 34 million Hong Kong dollars in funds related to this case.

Funding Risks Associated with JPEX

WikiBit is a leading global third-party non-blockchain information service platform. WikiFX introduced the Sky Eye Rating System, which uses advanced algorithms and an intuitive format to comprehensively display information about brokers, including their qualifications, user reputation, and industry influence. This system helps investors reduce decision-making costs.

By using WikiBit, users can visually see the licenses held by trading platforms and the scope of their compliant operations, making it easier to evaluate the trustworthiness and legitimacy of these platforms:

Additionally, by using the WikiBit website to search for projects or exchanges, users can access the comments section where other users have shared their thoughts and opinions about the particular project or exchange. Users can utilize these comments as references to gain insights and make more informed decisions regarding their involvement with the project or exchange.

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