Crypto KOL Chen Yi Arrested, New Defendant Added in JPEX Scam Case

Hong Kong police launched a new operation on the afternoon of the 18th, officially arresting well-known cryptocurrency promoter Chen Yi on charges of “suspected promotion of JPEX trading platform” and “conspiracy to fraud.” This arrest marks another significant development in the investigation of the unlicensed operation and scam related to JPEX, and has also shaken the local cryptocurrency community.

Clues Emerge Ahead of Chen Yi’s Arrest

Before Chen Yi was formally charged, several abnormal signs had already appeared. An online user on the LIHKG forum disclosed that at 12:50 PM, they saw Chen Yi at Hong Kong Airport dragging two large suitcases, suspected of attempting to leave the city. Although the post did not include photos, its authenticity remains to be verified. More notably, the investment group hosted by Chen Yi had been muted since early morning, and some chat records were subsequently deleted. By 1:00 AM, the group admin was removing members one by one, leaving only a single person remaining.

These signs were later confirmed by police intervention. That afternoon, Hong Kong police raided the “Chen Da Yi Exchange Shop” operated by Chen Yi, conducting a large-scale search and collecting evidence.

From Lifestyle Sharing to Cryptocurrency Promoter

Chen Yi started a personal YouTube channel as early as 2016, initially sharing her study abroad experiences, daily observations, investment insights, and life lessons, gaining considerable popularity. However, in recent years, her content focus gradually shifted toward the cryptocurrency field. In 2021, Chen Yi founded the “Chen Da Yi cyotc” cryptocurrency OTC exchange shop in Tsim Sha Tsui, claiming to promote the adoption of cryptocurrencies, with the slogan “Everyone can get rich.” With the rise of JPEX, Chen Yi became an active spokesperson for the platform, frequently promoting and endorsing it.

Police Investigation Continues to Expand, More Suspects Charged

Before arresting Chen Yi, Hong Kong police had earlier detained former barrister Ronald Lam on similar charges of promoting JPEX and conspiracy to fraud. This indicates that the scope of the investigation is continuously expanding.

Hong Kong Police Force Commissioner Chris Tang previously stated that as of 3 PM on September 15, the police had received 83 reports related to JPEX, involving approximately HKD 34 million. However, the latest reports show that the number of complainants has exceeded 1,000, and the scale of the scam far exceeds initial estimates.

JPEX Platform Operates Unlicensed, Users’ Funds in Trouble

After the Hong Kong Securities and Futures Commission (SFC) issued a warning about the “unlicensed operation” of JPEX, the platform has continued to restrict user withdrawals. Although the police have initiated an investigation, the platform continues to issue announcements promising to resolve the issues. These events highlight regulatory gaps and risks in the cryptocurrency market, serving as a warning for investors to exercise caution when choosing trading platforms.

Further developments in this case and additional identities of those involved remain to be disclosed by the police and relevant authorities.