Reported 8 months ago
Hong Kong cryptocurrency exchange JPEX was involved in a scam in 2023, with many investors losing money. Singer Chen Lingjiu was implicated, accused of accepting 320,000 Tether coins to endorse JPEX and potentially being an accomplice in the scam, resulting in charges of aggravated fraud and violating banking laws. With suspicions of using the 'Fist Up' event held at the Taipei Arena in July as a means to attract young participants, it was revealed that the VIP lounge where Chen Lingjiu was found during a poker raid in Taipei's Da'an District suspected to be connected to JPEX's office. Due to the large number of victims, some blamed Chen Lingjiu for their involvement, even though he claimed to have received only a portion of the alleged hefty endorsement fee and invested more in the platform than he received. Numerous celebrities and influencers had promoted JPEX, causing many to be implicated in the scandal when it exploded.
Source: YAHOO