"JPEX scam case" escalates arrest wave, crypto KOL Chen Yi detained, police raid exchange shops

Hong Kong police’s “JPEX scam case” investigation is further intensifying. Following the arrest of former barrister Lin Zuo, in mid-month, Hong Kong police officially detained well-known cryptocurrency KOL Chen Yi on charges of “involving promotion of JPEX platform” and “conspiracy to commit fraud.” At the same time, authorities conducted a forced search of Chen Yi’s exchange shop to gather further evidence related to the case.

Versatile Chen Yi: From Lifestyle Sharing to Cryptocurrency Promotion

Chen Yi, who was arrested, started a personal YouTube channel as early as 2016, initially sharing study abroad experiences and daily life insights. Later, she gradually expanded into investment, entrepreneurship, and women’s topics. In recent years, Chen Yi shifted her focus to the cryptocurrency field, founding the “Chen Dayi cyotc” OTC cryptocurrency exchange shop in Tsim Sha Tsui in 2021, with the promotional slogan “Promoting cryptocurrency development, everyone can get rich.” Among her most active actions is her relentless endorsement and promotion of the JPEX trading platform.

Abnormal Activity in Investment Group, Administrators “Disappearing” Collectively

On the night of the incident, abnormal activity was observed in the investment group Chen Yi created. According to netizens’ observations, the group began restricting general members from speaking from early morning. Subsequently, some attentive members discovered that some chat records had been deleted. Around 1 a.m., the group’s administrators started to exit collectively, leaving only one member remaining, creating a bizarre “group ruins” scenario.

Airport Footage Sparks Escape Suspicion, Unconfirmed

The specific location of Chen Yi’s arrest remains unclear. However, netizens on the LIHKG forum disclosed that they encountered Chen Yi at Hong Kong Airport around noon in mid-month, dragging two large suitcases, seemingly preparing to leave for overseas. Since the post did not include photos as evidence, the claim that “Chen Yi intended to escape” remains to be confirmed. Whether this can serve as a lead in the case requires further investigation.

Hong Kong Police Intensify Investigation, Number of Reporters Continues to Surge

Hong Kong police are stepping up their investigation into the JPEX case. According to an early report from the Hong Kong Police Force Commissioner, by the afternoon of the incident’s initial phase, the police had received 83 reports related to the JPEX trading platform, involving approximately HKD 34 million. However, to date, the number of reports has exceeded 1,000, indicating that the number of affected investors continues to grow.

Hong Kong police have set up a dedicated hotline (852-28605012) for citizens to report cases and inquire about case progress. Meanwhile, the Hong Kong Securities and Futures Commission has also referred suspicious scam clues to the police, forming a joint effort between the two agencies to address this widespread financial scam case.

JPEX Continues to Restrict Withdrawals, Platform Falls into Paralysis

After being warned by the Hong Kong Securities and Futures Commission about “unlicensed operation,” the JPEX trading platform still restricts user withdrawals, resulting in frozen investor funds. Although Hong Kong police have intervened in the investigation, JPEX continues to issue announcements in an attempt to soothe investor emotions. The entire case has evolved into a multi-party game involving regulatory agencies, law enforcement, KOLs, and thousands of investors.