However, if you spend a lot of money on the basis of the above scams and expand publicity efforts, such as hiring celebrity endorsements, celebrity platforms, and publishing advertisements in major radio, television, Internet and other media. Because celebrities have a certain degree of credibility, such publicity is enough to blind most investors, causing them to rush to open accounts and deposit funds, and even recommend relatives and friends to earn commissions in order to earn more money.
Today, Tianyanjun will share with you the criminal process of the foreign exchange cryptocurrency fraud group that caused a sensation last year and was regarded as "the first criminal case in Hong Kong's currency circle". The fraud group had more than 2,000 victims and involved more than 1.3 billion. Nearly 20 members of the Hong Kong dollar and group were arrested. It is worth noting that as many as 15 celebrities and social network celebrities including Zhang Zhilin and Zhuang Simin were implicated...
Getting started with JPEX scams
JPEX was established in 2020. I learned from the Internet that JPEX stated on its official website at the time that it was a digital asset and virtual currency trading platform licensed by the Hong Kong Securities Regulatory Commission and recognized, providing cryptocurrency trading services.
But in fact, in September 2023, the Hong Kong Securities and Futures Commission issued an announcement stating that none of the entities under the JPEX Group had been licensed by the Securities and Futures Commission, and had not applied for a license from the Securities and Futures Commission to operate a virtual asset trading platform in Hong Kong. After the Hong Kong Securities Regulatory Commission issued an announcement, JPEX stopped withdrawing money, and what followed was a sudden and sudden escape.
The routine used by JPEX may seem complicated, but it is actually very easy to expose.
Utilize celebrity influence for publicity
Speaking of JPEX, Hong Kong people are actually no strangers to JPEX because the exchange’s promotional posters can be found in major mainstream neighborhoods in Hong Kong.
The reason why JPEX has been able to attract so many investors is related to the endorsements of celebrities and the vigorous promotion of Internet celebrities. Hong Kong artists such as Julian Cheung, Simin Zhuang, Fei Ma, and Chen Lingjiu have all promoted JPEX.
However, on the evening of September 21, topics related to "Zhilin Cheung went to the police station to assist in the investigation" became a hot search topic. The brokerage company issued a statement that night, stating that Julian Cheung had been invited by relevant parties to assist in the investigation on September 19 and had provided the necessary assistance before being allowed to leave.
The statement also pointed out that Zhang Zhilin was invited to shoot commercials and print photos for JPEX in March 2022 through an advertising agency. After learning that JPEX was included in the list of unlicensed companies and suspicious websites by the Hong Kong Securities Regulatory Commission, the advertising agency was notified in September 2022 to immediately terminate the cooperation agreement.
In addition, female artist Zhuang Simin was also accused of promoting JPEX. When responding to media inquiries, Zhuang Simin claimed that she was a victim and would hand it over to a lawyer.
Lin Zuo was once a practicing barrister in Hong Kong and had a relationship with "Miss Hong Kong Champion" Mak Ming-shi. Later, he changed careers
Those Internet celebrities who call themselves "partners" are attracted by this.
JPEX has established a so-called "partnership system" to recruit partners with high commissions. Users are also promised to receive high dynamic rewards based on their new quota, which is similar to the MLM model. The terms show that if 1,000 people are invited to join as JPEX customers, and the average assets invited within 30 days reach 10 million USDT, the partners will receive a monthly reward of 6,000 USDT, equivalent to HK$47,000.
After that, JPEX upgraded the system again in order to attract more people, claiming that the rebate could be up to 100,000 USDT, which is equivalent to 780,000 Hong Kong dollars.
In addition to expanding its momentum through artist platforms and recruiting Internet celebrity partners, the platform also promotes high returns and high profits to attract public investment. In the video introducing JPEX, Zhuang Simin said that you can receive returns of up to 1.6%. Many victims said that they chose to join JPEX precisely because of its high interest rates. Even if it is only current financial management, there are interest income ranging from 10% to 27%.
JPEX also issued JPC tokens that can only be circulated on the JPEX platform and cannot be traded on other platforms or used for payment purposes. Some victims were persuaded to buy JPC and use it as a so-called "pledge" similar to a time deposit, and only after the pledge expired could they get extremely high returns. Not only that, JPEX will also require investors to provide the private key of the cryptocurrency for safekeeping, basically using this method to control the user's assets.
In addition, JPEX also created its own 45-second contract war game, which allows users to guess whether the price will go up or down online. If they lose, they lose all their money, which is somewhat similar to a gambling game.
The platform currency JPC only rises but does not fall, JPEX operates in secret
Under the temptation of high profits and the publicity of Internet celebrities, more and more people have joined. The next thing is how to defraud investors of their money as much as possible.
JPEX has directly increased 40 times from 0.001U listed on August 8, 2022 to 0.04U in June 2023, with the total market value peaking at 1.88 trillion yuan. Although the total market value of JPEX seems to be 1.88 trillion, what is strange is that its 24-hour trading volume is less than 10 million. Therefore, JPEX’s platform currency JPC data is suspected of serious fraud. There may even be a large number of wash trades in past historical data.
However, no matter how hidden the plot is, one day it will be exposed. A few months before JPEX exploded, JPEX was exposed to the scandal of being unable to withdraw funds. According to reports from relevant victims, JPEX limits the maximum amount of a single withdrawal to 1,000 USDT (USD stable currency), and also charges a handling fee of up to 999 USDT. This means that investors who apply for a withdrawal of 1,000 USDT can only get 1 USDT. This It is obviously to make it difficult for investors to withdraw funds.
JPEX scam finally solved
From a large number of investors starting to complain that JEPX was unable to withdraw money, to the Hong Kong Securities and Futures Commission discovering that JPEX had problems and directly raising six suspicious points, J
