"16 People Tried for $205M JPEX Fraud in Hong Kong"

Major Fraud Case in Hong Kong

Hong Kong authorities have brought 16 individuals to court over allegations of a 205.8 million dollar cryptocurrency fraud. It is reported that this fraud has victimized over 2,700 investors. This case has been recorded as the largest financial fraud incident in Hong Kong's history.

In this context, Interpol has issued international search warrants for three fugitives. The incident has led to calls for more public education and regulation to protect investors. Hong Kong leader John Lee has advocated for the necessity of a licensing system for cryptocurrency transactions in the region.