Hong Kong Court Adjourns $206M JPEX Fraud Case Until March 2026
The Hong Kong JPEX fraud case has been adjourned to March 16, 2026, allowing prosecutors additional time to organize extensive case files from a two-year investigation. The case involves losses totaling over $206 million (HK$1.6 billion), affecting more than 2,700 JPEX victims. Seven of the eight defendants, including Joseph Lam, Chan Wing-yee, Cheng Chun-hei, and Chiu King-yin, were granted bail, though Cheng Chun-hei remains in custody. Charges brought against them include conspiracy to defraud, fraud, inducing others to invest in virtual assets, and dealing with property believed to represent proceeds of an indictable offence.
JPEX collapsed in September 2023 after the Securities and Futures Commission (SFC) warned that the company was unlicensed and had made misleading claims; withdrawals from the platform were subsequently frozen. On November 5, 2025, the police arrested and charged 16 individuals, comprising six core JPEX members, seven individuals linked to cryptocurrency OTC exchanges, and three puppet account holders. More than 80 people have been arrested as part of the wider investigation.
The case has significant implications for Hong Kong's cryptocurrency sector, prompting changes in the SFC's licensing communications and public education initiatives concerning virtual assets. It has also dampened public sentiment amid the government's efforts to promote Hong Kong as a hub for Web3 and digital assets.
Three men connected to JPEX remain at large with Interpol red notices issued for their arrest: Mok Tsun-ting (27), Cheung Chon-cheng (30), and Kwok Ho-lun (28). Kwok, who is the sole director of an Australia-linked JPEX company, has been sought for questioning since 2023; however, his current location has not been confirmed.
