Cryptocurrency exchange JPEX is in trouble and plans to transform into a decentralized autonomous organization (DAO) 🔄 and convert user assets into dividend stocks, incentivizing users to lock in for two years 🔒. JPEX said 68% of users voted in favor of the plan👍. The plan allows users to convert currently frozen assets into DAO dividends at a 1:1 ratio💱, with a buyback option at 30% after one year and 100% after two years💰.

However, some users stated that their assets were converted without consent😨. Hong Kong police and securities regulators have established a joint working group to crack down on illegal cryptocurrency trading activities 🚨. JPEX is currently facing accusations of operating an unauthorized crypto platform in a HK$1.4 billion (US$178 million) fraud involving at least 2,300 people💸. Hong Kong police and securities regulators have established a cryptocurrency-focused working group to crack down on illegal activities🔎.