Hong Kong JPEX cryptocurrency scandal: pair launch first civil claims in bid to recover HK$1.8 million, 10 others also considering action
- Plaintiffs Herbert Lee and Chan Wing-yan launch first civil action against platform involved in alleged HK$1.6 billion financial fraud, with 10 others also considering following suit
- Among defendants listed in legal documents are JPEX Crypto Asset Platform and affiliate Web 3.0 Technical Support
Plaintiffs Herbert Lee Sung-him and Chan Wing-yan launched the first civil action against the platform involved in an alleged HK$1.6 billion financial fraud, the largest of its kind in the city.
The writ was filed using alternative claims, which means the court could grant one of three claims relating to deposits the plaintiffs made to JPEX wallets, money Chan transferred to a cryptocurrency agent or the balance seen in their trading accounts.
Each claim sought about HK$1.85 million. The District Court can only handle claims of up to HK$3 million.
Chan said she invested with cryptocurrency trading company JPEX after attending seminars held by influencer Joseph Lam Chok and reading his posts on social media advertising the platform as licensed.
Listing JPEX Crypto Asset Platform as the first defendant and Web 3.0 Technical Support – an affiliated company – as the second, the pair are also suing “any persons who carried out or assisted in the scheme”.
