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The global crypto market cap is $1.08 trillion with a 24-hour volume of $24.37 billion. The price of Bitcoin is $27,305.95 and BTC market dominance is 49.3%. The price of Ethereum is $1,662.54 and ETH market dominance is 18.5%. The best performing cryptoasset sector is Yield Farming, which gained 8%.
Hong Kong police said it received more than 80 complaints about the embattled crypto platform.
Cover art/illustration via CryptoSlate
Hong Kong police officers have arrested crypto influencer Joseph Lam Chok for promoting the JPEX crypto platform, South China Morning Post reported on Sept. 18.
Per the report, the police questioned the social media celebrity, and his company at the Entertainment building in Central was raided.
JPEX is a crypto platform believed by many to have been rug-pulled. The Hong Kong police claimed it received more than 80 complaints about the exchange, with customers saying they lost about $34 million.
The police had earlier said that the China Securities Regulatory Commission (CSRC) referred the case to it, leading the agency to set up a hotline for the public to report incidents.
The CSRC said that JPEX promoted its services using several entities, none registered with the regulatory authorities in China or Hong Kong.
The arrest comes after JPEX announced that it will pause its Earn Trading transactions on Sept. 18. The Japanese exchange said that the halt will mean users cannot place new earn orders, but the existing ones will continue to generate rewards until their end date.
JPEX has been suspending some of its services as it faces concerns about whether it has licenses for regulated operations. The Hong Kong Securities and Futures Commission recently questioned its yield offering on USDT. In response, the exchange raised USDT withdrawal fees to keep most funds.
Meanwhile, Hong Kong authorities have been cracking down on crypto scams and unregistered exchanges, especially after its new crypto regulatory regime became effective in June 2023.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
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The former FTX CEO’s lawyers argue that the government is overwhelming their client without allowing him the ability to adequately prepare his case.
The SEC called filings related to various ETFs inadequate in June.
A whistleblower who “worked with Worldcoin” released a video on Aug. 23 cutting ties with the project and warning of substantial red flags.
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