TechFlow news, on November 1, according to Cointelegraph, a Hong Kong court ruled in favor of two investors who filed a civil lawsuit against the now-defunct Dubai-based cryptocurrency exchange JPEX and its affiliated Web3.0 technology support company. Under the judge's ruling, the plaintiffs will receive HK$1.85 million (approximately $238,000) in compensation.
"This latest judgment demonstrates that victims of virtual asset-related cases do have access to judicial remedies and sets a precedent for all others in similar situations who wish to recover their cryptocurrencies, but who may otherwise feel they have no options beyond waiting for the outcome of criminal investigations," said Joshua Chu, co-chairman of the Hong Kong Web3 Association and legal representative for the plaintiffs.
Previously, the JPEX scandal first emerged in September 2023 when the Hong Kong Securities and Futures Commission (SFC) issued a warning stating the exchange was operating without authorization.
