Asia’s Version of FTX

TL;DR

So there’s this unregistered crypto alternate primarily based out of Hong Kong, known as JPEX, which simply collapsed, taking everybody’s funds together with it (allegedly).

When the information began to interrupt that JPEX might need up an left with everybody’s cash, the house owners of the alternate instantly did two issues (allegedly): Put a strangle maintain on its prospects’ funds, by decreasing the max withdrawal to $1000 USD, whereas upping any and all withdrawal charges to $999 USD; and disappeared.

Full Story

We had been simply hanging out with Donald and Austin from Aftermint, and so they put us on to 1 hell of an unfolding story…

So there’s this unregistered crypto alternate primarily based out of Hong Kong, known as JPEX.

It is simply collapsed, taking everybody’s funds together with it (allegedly).

And whereas the potential fraud on this story feels harking back to FTX…it is WAY extra blatant.

How blatant? Test this out…

When the information began to interrupt that JPEX might need up an left with everybody’s cash, the house owners of the alternate instantly did two issues (allegedly):

Put a strangle maintain on its prospects’ funds, by decreasing the max withdrawal to $1000 USD, whereas upping any and all withdrawal charges to $999 USD. I.e. For those who had been to withdraw the max $1000, you’d get $1 after charges.

Then pulled a Harry Holt (i.e. disappeared). We imply, straight up ghosted. E.g. JPEX had a sales space at Singapores Token2049 final week. Day one, they had been there → the information broke that evening → day two, the sales space was empty. (As had been their Hong Kong and Shanghai places of work, apparently).

Ethical of the story: we want clear and truthful laws enforced throughout the worldwide crypto business.

(Ideally looser than Gary Gensler’s and tighter than Hong Kong’s).

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