JPEX Organizers Said to Have Escaped

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According to reports from the South China Morning Post, the co-founders and CEOs of JPEX, a now-collapsed Hong Kong exchange, are suspected to have fled, with only 11 suspects being detained so far.

Among those taken into custody are former lawyer and crypto-influencer Joseph Lam Chok, as well as YouTuber bloggers Chan Wing-yee and Chu Ka-fai.

During a press conference, Lam Chok attempted to distance himself from JPEX, stating that he had not been involved in the company’s commercial activities for some time and that he did not rent an office from the company.

As of September 23, the police had received 2,265 complaints from victims, with the total damages reaching $178 million.

Authorities have also arrested Tsang Cho-shun, the corporate secretary for JPEX’s technical support division, which was recently renamed to Web 3.0 Technical Support before the collapse.

Two other technical department employees, Jason Chan Hiu-ho and Tan Lap-shun, have also been detained for questioning.