Taiwan identifies new suspects in alleged JPEX fraud case: report

The Taipei District Prosecutors Office requested JPEX Taiwan’s chief partner, Chang Tung-ying, to be held in custody over an alleged fraud case related to the cryptocurrency exchange.

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Fast Facts

• The prosecutors identified both Chang and JPEX lecturer Shih Yu-sheng as suspects for violating the Banking Act and the Money Laundering Control Act, TVBS News, a Taiwanese broadcasting network, reported on Thursday.

• The prosecutors carried out searches in nine locations related to the JPEX investigation.

• Other suspects include JPEX salesperson Liu Chien-fu, who was released on bail for NT$50,000 (US$1,548), and Niu Keng-sheng, who is the registered person in charge of JPEX Taiwan, who was also released.

• Taiwanese celebrity singer Nine Chen, who was a former JPEX brand ambassador, was also reportedly summoned by prosecutors as a defendant, after initially being called to testify as a witness.

• JPEX is an unlicensed virtual asset platform that has allegedly caused around HK$1.2 billion (US$154 million) in losses to over 1,600 investors, marking it the largest fraud case in Hong Kong’s history.

• The exchange abruptly halted its services in September, citing liquidity issues triggered by unfair treatment from Hong Kong institutions.

See related article: Over 40% of Hong Kong investors shun digital assets post-JPEX Scandal, survey reveals