🚨 New developments are taking place in the JPEX crypto exchange scandal! Hong Kong and Macau authorities detained 18 more suspects and $2.8 million worth of cash and gold were seized. Here are the details:

🔹 Two people have been charged in Hong Kong for using Macau casinos to launder illegal funds. As a result, casino assets and $1.7 million in cash were seized.

🔹 Two more people were detained and one of them was caught trying to destroy evidence. The documents were reportedly shredded and bleached in the bathroom.

🔹 The Hong Kong Police Service announced efforts to find additional suspects linked to fraud and money laundering crimes.

The JPEX scandal began when Hong Kong's financial regulator issued a warning that the exchange was promoting its services in the city without proper licences. Following this incident, the exchange increased withdrawal fees to almost $1,000 and its employees walked out of their booth at the Token 2049 event in Singapore.

Claiming that its partners in Hong Kong acted unfairly and in bad faith, JPEX ceased operations on September 17 due to a sudden liquidity crisis. Soon after, police in the city made a series of arrests on charges of money laundering, resulting in losses of approximately $178 million and complaints from more than 2,300 victims. Among these arrests were two popular influencers. However, Hong Kong authorities stated that the leaders of the operation behind JPEX were still at large.

Meanwhile, the Securities and Futures Commission (SFC) has issued a warning to investors about another unlicensed virtual asset trading platform called FUBT Exchange. The controller alleged that the company provided a fake phone number to appear to operate in Hong Kong. As of September 22, FUBT Exchange was added to the SFC's list of questionable virtual asset trading platforms.