Hong Kong authorities have taken decisive legal action against crypto influencers who allegedly promoted JPEX, an unlicensed cryptocurrency exchange operating without regulatory approval. The charges target prominent figures including lawyer-turned-influencer Joseph Lam Chok and crypto KOL Chan Yee, marking a significant escalation in regulatory enforcement against improper crypto promotions following the platform’s collapse.
about Hong Kong Charges Crypto Influencers in JPEX Fraud CaseJPEX
0 in Finance and 0 in Crypto last weekHong Kong Charges 16 in $205M JPEX Crypto Fraud Case
Hong Kong authorities have formally charged 16 individuals, including influencer and former lawyer Joseph Lam, in the massive $205 million JPEX cryptocurrency fraud case that defrauded over 2,700 investors. The charges follow a two-year investigation into the unlicensed exchange that operated through a network of social media promoters and physical crypto shops, with Interpol issuing red notices for three suspected ringleaders who remain at large while authorities have seized $28 million in assets.
about Hong Kong Charges 16 in $205M JPEX Crypto Fraud Case$4.6B Lost to Crypto Scams in 2024: AI Deepfakes Surge
A collaborative report by Bitget, SlowMist, and Elliptic highlights a 24% increase in crypto scams in 2024, totaling $4.6 billion in losses. Deepfake AI impersonations, social engineering schemes, and modern Ponzi scams are the top threats, with nearly 40% of high-value frauds involving AI-generated videos of public figures like Elon Musk. Scammers are also exploiting KYC procedures, forging customer service interactions, and using fake platform dashboards. Social engineering tactics include AI-powered arbitrage bot scams and phishing links, while modern Ponzi schemes disguise themselves as legitimate DeFi, NFT, or GameFi projects. The report cites the JPEX scandal in Hong Kong, where $213 million was lost, and exposes rug pulls like Leaper Finance. To combat this, Bitget and partners launched an Anti-Scam Hub and a $300 million protection fund to trace illicit funds and disrupt phishing networks.
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about Clay: AI-Powered Data Integration for Business GrowthHong Kong Sets Up Crypto Task Force Post-JPEX Probe
Hong Kong authorities are establishing a specialized cryptocurrency task force following the JPEX exchange investigation, underscoring the government’s commitment to tighter oversight of the digital asset sector. The task force will likely focus on enhancing regulatory frameworks and investor protections as the city aims to balance innovation with risk management in its burgeoning crypto market. This development comes amid global calls for clearer crypto regulations and could position Hong Kong as a leader in Asia’s blockchain governance.
about Hong Kong Sets Up Crypto Task Force Post-JPEX ProbeHong Kong Enacts Stablecoin Licensing Law to Boost Crypto Hub Status
Hong Kong’s Legislative Council has approved a licensing regime for fiat-referenced stablecoin (FRS) issuers, mandating compliance with reserve management, redemption guarantees, and anti-money laundering (AML) standards. The law, part of Hong Kong’s push to become a digital asset hub, follows the collapse of crypto exchange JPEX in 2023 and seeks to restore trust in the sector. Issuers must meet strict requirements, including segregation of client funds and disclosure rules, with unauthorized ads banned even during a six-month grace period. The HKMA will further consult on detailed implementation. Meanwhile, the U.S. Senate is progressing with its own stablecoin bill, the GENIUS Act, signaling a global shift toward clearer crypto regulations. Hong Kong’s ordinance is set to take effect later this year, with transitional provisions for compliance.
about Hong Kong Enacts Stablecoin Licensing Law to Boost Crypto Hub Status