The Hong Kong cryptocurrency exchange JPEX was involved in fraudulent activities and a Ponzi scheme last year. Singer Chen Lingjiu, who was a spokesperson for JPEX in Taiwan, has also been implicated in the fraud scandal. Following investigations by the authorities, it is suspected that Chen Lingjiu was one of the accomplices in JPEX’s fundraising activities in Taiwan. He has recently been accused of aggravated fraud and violating banking laws and has been referred to the Taipei District Prosecutors Office for further investigation.
Background:
Chen Lingjiu emerged from the shadow of JPEX! Rumors of involvement with “Con Brother’s Daughter” angered the community: “While we fight for justice, you are at ease.”
The Hong Kong-based JPEX was found to operate without a license and engage in illegal fraud activities, with fraudulent transactions amounting to HK$1.58 billion (approximately NT$6.5 billion) in Hong Kong alone. JPEX also had an office in Taipei’s Zhongxiao East Road, actively targeting the Taiwanese market, leading to numerous Taiwanese nationals falling victim to the scam. Outraged victims collectively accused former Taiwanese spokesperson Chen Lingjiu, related influencers, and personnel of involvement in the fraud, prompting investigations by the authorities.
Chen Lingjiu faces charges and is referred to the Northern Prosecutors Office for investigation
In new developments in the case, following investigations by the authorities, Chen Lingjiu is alleged to have received 320,000 USDT (approximately NT$10 million) from Hong Kong businessman “Justin” as payment for serving as a spokesperson for JPEX in Taiwan. He is suspected to be one of JPEX’s fundraising accomplices in Taiwan and has been accused of aggravated fraud and violating banking laws. Chen Lingjiu has been referred to the Taipei District Prosecutors Office, where it will be determined if he will be prosecuted. (He has not been arrested by the authorities yet and will await the prosecutor’s decision on further proceedings.)
The Northern Prosecutors Office subpoenaed Chen Lingjiu as a witness in October last year, but after questioning, he was classified as a defendant in a criminal case. Chen Lingjiu claimed that even though he received endorsement fees, his investment in the JPEX platform exceeded that amount, and he mentioned suffering an asset loss of around 15%. He believes that the judicial system will vindicate him.
Five individuals have been referred for prosecution
It is reported that a total of five defendants, including Chen Lingjiu, have been sent for prosecution in the JPEX fraud case. Apart from Chen Lingjiu, the other co-defendants include JPEX’s Taiwan KOL Zhang Dongying, Taiwan business representative Shi Yu, JPEX’s commercial leasing agent Niu Gengsheng, and the man Liu Jianfu who facilitated the collaboration between JPEX and the P. LEAGUE + Professional Basketball League’s New Taipei Kings basketball team.
Zhang Dongying, known in the cryptocurrency community as the popular Internet celebrity “Jumping Tiger TONY,” founded the virtual currency education platform BITFUN. He was recruited by JPEX for collaboration, becoming its chief partner in Taiwan and an opinion leader for JPEX. Many investors fell victim to Zhang Dongying’s promotional tactics. Following the JPEX scandal, Zhang Dongying has been detained incommunicado by the court, while Liu Jianfu has been released on bail of NT$50,000.
Related Reports
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– Chen Lingjiu appears in court for the first time as a “defendant” in JPEX case, asks if you still dare to buy cryptocurrency?
– Chen Lingjiu admits being too unlucky, switches to vegetarianism for better luck, JPEX’s involvement in Hong Kong has exceeded NT$6.5 billion.