Hong Kong’s $182M JPEX Scandal: Change Rebrands to a DAO, Person Funds Locked for Two Years

Hong Kong trade JPEX is attempting to redefine itself as a DAO after a police investigation into an estimated $182 million crypto theft and working with out a license.

JPEX Change Rebrands to a DAO, Person Funds Blocked For Two years

Hong Kong trade JPEX is attempting to redefine itself as a DAO after a police investigation into an estimated $182 million crypto theft and working with out a license. In a brand new weblog publish, JPEX claimed 68% of customers supported a “DAO Shareholder Dividend Scheme” which is able to convert person funds to locked DAO dividends and future revenue voting rights.
Hong Kong authorities have made 20 arrests associated to the scandal up to now. Police suspect JPEX operated with out the required license and suspect losses of $182M from over 2,400 complaints. Whereas alluding to challenges, JPEX prevented mentioning its authorized troubles or that their leaders are wished by the authorities.
Hong Kong regulators are creating a framework to determine these accountable, shut unlicensed crypto platforms and educate the general public. This comes as Hong Kong is positioning itself as a Web3 hub and introducing extra crypto-friendly rules. HKEX not too long ago introduced the launch of a blockchain settlements platform for equities.

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