New Suspects Found and Legal Twists

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.”

JPEX’s Downfall

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.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.