TechFlow reported, according to Yahoo News, that Hong Kong police arrested social media influencer Lam Cho today over the JPEX cryptocurrency exchange scandal and searched his office located in Central's Entertainment Building. The Commercial Crime Bureau is currently investigating the case.
After the Securities and Futures Commission (SFC) named JPEX, the exchange imposed new withdrawal limits, allowing investors to withdraw only 1,000 Tether coins (USDT, with 1 USDT valued at approximately 1 USD) per transaction, while withdrawal fees temporarily soared to 999 USDT. These measures have triggered investor concerns over significant potential losses. Lam Cho stated he had suffered substantial losses himself and pledged to assist in the investigation. On Sunday (September 17), Lam also said he had contacted two "familiar legislative councilors," noting both are highly attentive to the development of cryptocurrencies.
