Hong Kong police announced additional criminal charges against prominent crypto influencer “Mr. Zhu” (Zhu Junhao), deepening the ongoing crackdown on the JPEX scandal — the city’s largest-ever crypto fraud case, with estimated losses exceeding HK$1.6 billion (~$205 million) affecting over 2,600 victims.
Mr. Zhu, a high-profile KOL known for aggressive promotion of JPEX on social media and Telegram channels, now faces new counts including conspiracy to defraud, money laundering, and operating an unlicensed virtual asset trading platform. Prosecutors allege he knowingly misled investors by touting JPEX’s high-yield products (up to 20% APY) as “safe and regulated,” while concealing that the platform lacked proper SFC licensing and was riddled with withdrawal restrictions and fake liquidity. Authorities claim Mr. Zhu received substantial commissions and referral bonuses for driving inflows during JPEX’s 2023 hype phase.
The case has already seen over 70 arrests (including JPEX founder Joseph Lam, executives, and promoters), with frozen assets topping HK$300 million. Police raids uncovered fake trading dashboards, layered wallet structures, and offshore laundering channels used to siphon funds. Mr. Zhu’s high-profile status — boasting millions of followers across platforms — has made him a focal point, with victims citing his endorsements as a key reason for investing.
This escalation highlights Hong Kong’s aggressive enforcement post-2023 crypto licensing regime, aiming to restore investor confidence while warning against unlicensed platforms and influencer shilling. The SFC continues warning the public: always verify platform licenses and avoid unsolicited high-return offers.
The new charges dominated X discussions on January 3, 2026, with court updates, victim stories, Mr. Zhu meme edits, and regulatory commentary circulating widely, fueling debates on influencer accountability, KOL responsibility in crypto promotion, platform fraud risks, and Hong Kong’s evolving crypto oversight among traders, investors, and legal observers.
#Crypto dominates global discussions with massive volume.
#JPEX surges with Mr. Zhu additional charges news.
#CryptoNews is buzzing with Hong Kong crackdown updates.
#Regulation gains traction in fraud and influencer liability talks.
#Blockchain thrives in enforcement and scam debates.
#Bitcoin remains a top trend with huge activity.
#HongKongCrypto continues strong in Asia regulatory conversations.
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What’s your take — should influencers like Mr. Zhu face heavier penalties for promoting unverified platforms, or is the real blame with the regulators for slow licensing? Drop your thoughts below 👇