The collapsed cryptocurrency exchange, JPEX, takes another turn as Taiwanese prosecutors reportedly identify new alleged suspects.
The Taipei District Prosecutors Office (TDPO) has requested the custody of Chang Tung-ying, the chief partner at JPEX’s Taiwan office, over alleged fraud, as reported by local TV channel TVBS News on 9 November.
Prosecutors in Taipei conducted searches at nine locations linked to the JPEX investigation, summoning Chang and three other suspects.
Chang and JPEX lecturer Shih Yu-sheng, also known as Shi Yu, are identified as suspects for violating the Banking Act and the Money Laundering Control Act.
JPEX salespersons Liu Chien-fu and Niu Keng-sheng were released, with Liu granted bail of 50,000 New Taiwan dollars.
Niu Keng-Sheng was released following the interrogation.
Nine Chen (陳零九), a Taiwanese celebrity and former JPEX brand ambassador, was also summoned by prosecutors.
Initially called as a witness, Nine Chen is now named as a defendant.
Nevertheless, Chen remained resolute and stated:
“I stand firm and have done nothing to apologise for.”
Once a thriving crypto exchange, JPEX abruptly halted some services in mid-September 2023, citing a liquidity crisis due to perceived “unfair treatment” from institutions in Hong Kong.
The exchange’s implosion triggered investigations, with Hong Kong authorities receiving over 2,000 complaints from JPEX users, reporting nearly $180 million in losses.
The case has raised concerns among financial regulators in Hong Kong, Taiwan, and beyond, leading to new measures to safeguard investors from similar incidents.