Hong Kong police have arrested seven more people as part of their ongoing investigation into cryptocurrency exchange JPEX.
With this development, a total of 27 people were arrested in the last month within the scope of the JPEX investigation. However, the identity of those responsible for the management of JPEX has not yet been determined.
Among the people arrested by the police in the last two days is Chan Siu-lung, CEO of CryptoPARD, an over-the-counter (OTC) crypto platform. Some names from two other trading channels, Coingaroo and Tung Club, were also arrested.
Authorities have not yet clarified the relationship between cryptocurrency exchange JPEX and OTC platforms in Hong Kong. The police also raided other venues such as Coiner within the scope of the investigation.
According to the South China Morning Post, two of the people arrested by the police were: May be linked to JPEX’s management team.
Police teams, May have been purchased with funds linked to JPEX He also seized a white Lamborghini belonging to one of the detainees on suspicion.
According to the statements of the authorities Investors using the JPEX exchange have a total of approximately $200 million suffered financial damage.
With the JPEX investigation, the cryptocurrency industry has become an important topic in Hong Kong. Hong Kong police and the Securities and Futures Commission (SFC) recently formed a joint team to monitor the cryptocurrency industry.