Hong Kong police have finally taken action in the JPEX case. 16 people have been indicted, including 6 core members of this scam group. After reviewing the charges, it includes conspiracy to commit fraud, money laundering, and inducing others to invest in virtual assets. Three people connected to the use of shell accounts have also been brought in.

Even more astonishing is the scale of the victims. The police say more than 2,700 people reported the case. Although some people chose not to pursue it, more than 1,300 people still recorded statements. The frozen assets total about HKD 228 million, including HKD 14.5 million in cryptocurrency. Just think about it—so many people were scammed, and even though the money is frozen, they don’t know how to get it back. Some victims may have to take the civil litigation route, which is a headache.

The JPEX case has not yet fully ended. The police say there are still 3 fugitives on INTERPOL’s wanted list, including the mastermind mentioned earlier. This case is also the first time Hong Kong police have cited the new charge of virtual asset investment fraud to prosecute. Once convicted, offenders can face a fine of HKD 1 million and 7 years in prison. Tell me—can this prosecution deter some people who are thinking of carrying out scams?