A Hong Kong court has postponed proceedings in the high-profile JPEX cryptocurrency fraud case until March 16, 2026, granting prosecutors additional time to organise evidence gathered during a lengthy investigation. The adjournment was approved on Monday at the Eastern Magistrate’s Court, according to local media reports, and applies to a group of social media influencers accused of promoting the now-defunct exchange.
Prosecutors told the court that the scale and complexity of the case, which spans more than two years of investigations, require further time to整理 and review extensive case files. The next hearing will focus on influencers alleged to have acted as public promoters of JPEX and as representatives of its over-the-counter crypto trading shops. Authorities argue that these individuals played a central role in attracting investors to the platform before its collapse.
The defendants face multiple charges, including conspiracy to defraud, fraud, and inducing others to invest in virtual assets through misleading or reckless representations. Some are also accused of handling property believed to represent proceeds of crime. Of the eight defendants who appeared in court, seven were granted bail under existing conditions. One defendant, former television actor Cheng Chun-hei, did not apply for bail and will remain in custody.
Among those charged are Joseph Lam, a former lawyer who later became a social media influencer, YouTuber Chan Wing-yee, fitness instructor Chiu King-yin, and Cheng. Prosecutors allege that the group collectively promoted JPEX as a legitimate and profitable trading platform despite its lack of regulatory approval.
JPEX collapsed in September 2023 after Hong Kong’s Securities and Futures Commission issued a public warning stating that the platform was unlicensed and had made misleading claims about its operations. Soon after the warning, users reported being unable to withdraw funds, triggering widespread complaints. Authorities estimate that more than 2,700 victims suffered combined losses exceeding $206 million, or roughly HK$1.6 billion.
The case has expanded significantly since then. On November 5 this year, police charged 16 individuals following coordinated arrests, including alleged core members of the JPEX syndicate, people connected to crypto over-the-counter exchanges, and individuals accused of acting as puppet account holders. In total, more than 80 people have been arrested over the course of the investigation. Charges range from conspiracy to defraud and money laundering to obstruction of justice and unlawful inducement to invest under Hong Kong’s anti-money laundering laws.
The fallout from JPEX has had lasting effects on Hong Kong’s digital asset landscape. Regulators have since revised how licensing information is communicated to the public and stepped up investor education efforts. The scandal also dampened public confidence in cryptocurrencies at a time when the city was positioning itself as a regional hub for Web3 and digital assets.
Authorities say three suspected masterminds remain at large and are subject to Interpol red notices. The case also has cross-border dimensions, as JPEX reportedly attracted victims in jurisdictions including the Philippines and Taiwan, further underscoring the scale of the alleged fraud.
