El juicio del caso de estafa de JPEX en Hong Kong se pospone hasta marzo de 2026: implicados 206 millones de dólares, 8 influencers y artistas enfrentan múltiples cargos

Hong Kong virtual asset trading platform JPEX scam case shows new developments. The case originally scheduled for recent hearings has been officially postponed to March 16, 2026, because the prosecution needs to organize two years’ worth of complex investigation files. This case involves over 2,700 victims and losses amounting to $206 million, making it one of the largest cryptocurrency scams in Hong Kong to date. The delay reflects the high complexity of the case and will continue to test how Hong Kong builds an effective investor protection and regulatory enforcement system while actively embracing Web3.

Case hearing postponed again: complexity and investigation scale far beyond expectations

In a recent hearing, the Eastern District Court of Hong Kong approved the prosecution’s request to postpone the JPEX scam case. This marks that this highly scrutinized financial crime will enter a longer preparation phase. According to court disclosures, the main reason for the postponement is that the case involves a large volume of files, electronic records, and evidence accumulated over a investigation period of more than two years, requiring the prosecution more time for systematic sorting and classification, to build clear and strong legal arguments. The next hearing is scheduled for March 16, 2026, when 8 accused social media influencers and public figures will appear in court again.

This postponement reveals, from a side perspective, the breadth and depth of the JPEX investigation. Since the platform collapsed in September 2023, Hong Kong police and related enforcement agencies launched a large-scale operation codenamed “Iron Gate.” The investigation not only tracks the flow of funds but also involves analyzing the platform’s operational model, false advertising tactics, and transnational crime chains. To date, over 80 people have been arrested, including 6 core members of the criminal group. The complexity of the case far exceeds ordinary scams, showing characteristics of organized, professional methods and wide-ranging involvement.

For the over 2,700 victims, the postponement of the trial means a longer judicial process to recover losses. Although Hong Kong police have successfully frozen assets worth over $29 million related to the case, the final return of these assets still depends on court rulings. The delay also serves as a reminder to the market that major financial crimes involving virtual assets often take a long time due to technical complexity and difficulties in evidence chain analysis.

Defendant identities and charges: influencers and celebrities caught in legal whirlpool

The 8 defendants in this case have become media focal points. Their backgrounds reveal a key aspect of JPEX’s promotional strategy—using the influence of public figures to gain trust. The list of defendants includes lawyer-turned-influencer Lam Joseph (Joseph Lam), YouTube blogger Chan Wing-yee, former TVB actor Zheng Junxi, and fitness coach Zhao Jingxian, among others. Except for Zheng Junxi, who did not apply for bail and remains in custody, the other 7 have been granted bail under original conditions but are required to surrender all travel documents and not leave Hong Kong.

They face serious charges, mainly including four counts: “conspiracy to defraud,” “fraud,” “fraudulent or reckless inducement of others to invest in virtual assets,” and “handling property known or believed to be proceeds of indictable offenses.” If convicted of “conspiracy to defraud,” the maximum penalty is life imprisonment. The prosecution alleges that these defendants actively promoted the JPEX platform via social media and served as endorsers for its offline OTC (over-the-counter) shops, using their influence to induce the public to invest in a platform they knew or should have known was unregulated and problematic.

This group of “influencer” defendants is only part of JPEX’s legal accountability. On November 5, 2023, police also arrested and charged another 16 individuals, including potentially more core operational members. The entire JPEX group is described by Hong Kong police as an organized “criminal group,” with a clear fraudulent modus operandi. These successive arrests and charges demonstrate law enforcement’s determination to pursue accountability from peripheral promoters to core operators.

Key data overview of the JPEX case

Victim scale: Over 2,700 people

Total involved amount: Over $206 million USD (about HKD 1.6 billion)

Frozen assets: Valued at over $29 million USD

Total arrests: Over 80 people

Core fugitives: 3 persons (red notices issued internationally)

Next hearing date: March 16, 2026

Reflection on the JPEX incident: a “perfect storm” impacting Hong Kong’s crypto vision

To understand the importance of the current legal proceedings, it is essential to review the impact of the JPEX incident on the Hong Kong market. The JPEX platform collapsed suddenly in September 2023, triggered directly by the Hong Kong Securities and Futures Commission (SFC) issuing a public warning, stating that the platform had never obtained a license to operate in Hong Kong and expressing concern over misleading statements in its promotional materials. After the warning, many users found themselves unable to withdraw funds, liquidity rapidly dried up, and the platform eventually collapsed.

This collapse was not an isolated event; it occurred at a critical time when the Hong Kong government was ambitiously pushing to establish the city as an international Web3 and virtual asset hub. The JPEX fallout was like a cold shower, severely damaging local public confidence in cryptocurrency investments and putting regulatory agencies under immense public pressure. The incident exposed a significant gap between rapid industry innovation and ordinary investors’ risk awareness. Many victims said they were lured by endorsements from influencers and celebrities, which led them to relax their vigilance against unlicensed platforms.

This incident directly prompted a significant strengthening of Hong Kong’s regulatory stance and a shift in communication strategies. The SFC accelerated the approval process for virtual asset trading platform licenses and more frequently and clearly published lists of licensed and suspicious platforms, aiming to enhance public education. The JPEX case has become a painful but crucial watershed in Hong Kong’s crypto regulation evolution, forcing regulators, industry players, and investors to reflect on where the bottom line of compliance and risk control lies when embracing innovation.

Investor warning: how to identify and avoid similar risks

The JPEX case offers profound lessons for global cryptocurrency investors. As the industry develops rapidly, risks of fraud and violations always exist. For ordinary investors, establishing a basic risk screening habit is vital—it may be the most effective line of defense to protect their assets.

First, verifying the regulatory qualification of a trading platform is the first and most important step. In Hong Kong, investors should habitually check the “Virtual Asset Trading Platform List” on the SFC official website to confirm whether the platform has been officially licensed or is on the applicant list. Platforms claiming “overseas registration, global operation” but actively promoting to the local market should be approached with caution. JPEX exploited regulatory ambiguities and information asymmetries during its illegal operations.

Second, be highly suspicious of exaggerated marketing claims and “capital guaranteed high returns.” Many problematic platforms, including JPEX, attract users through high returns, celebrity endorsements, and community hype. Investors need to understand that in finance, high returns always come with high risks, and promotional activities involving influencers are more marketing than professional or compliant endorsements. Before making investment decisions, independently verifying information through multiple channels is far more reliable than following a single “influencer.”

As the JPEX scam case’s hearing date approaches in about fifteen months, this major case that shook Hong Kong’s financial scene has officially entered the “deep water” of judicial proceedings. Its lessons for Hong Kong go beyond law enforcement: it tests whether the city can build a solid foundation of investor protection and rule of law matching its ambitions as an international virtual asset center. The final outcome of the case will not only determine justice for over two thousand victims but also serve as an important example for how to regulate and adjudicate emerging financial technology crimes worldwide. Hong Kong’s Web3 story continues to be written amid the balance of compliance and innovation.