1 year ago
JPEX has begun to restrict withdrawals by converting idiosyncratic balances to a non-withdrawable cryptocurrency, according to reporting from The South China Morning Post on Oct. 4.
The work referenced statements from an unidentified idiosyncratic who claimed that her Tether (USDT) holdings on with those of others had been converted into JPC, JPEX’s ain token, rendering them incapable to retreat their crypto balances.
JPC has an chartless terms and is intolerable to withdraw, according to the user, who compared her caller relationship equilibrium to “waste paper.” Data from CoinGecko indicates that JPC has a drastically reduced worth and is not traded connected immoderate recognized exchanges.
The South China Morning Post additionally suggested that JPEX is opening to instrumentality steps toward implementing its decentralized autonomous enactment (DAO) connection — a program that gained bulk support from voters connected Sept. 28.
According to a JPEX announcement quoted by the SCMP, the connection includes a shareholder dividend strategy that volition let investors person funds into DAO stakeholder dividends astatine a 1:1 ratio. Those dividends, which tin beryllium claimed aft 2 years, see listing fees, trading fees, and JPEX cryptocurrency tokens.
Details stay unclear
While JPEX has officially confirmed its plans to alteration into a DAO, the institution has not publically stated oregon confirmed that it has forcibly converted idiosyncratic assets.
Some of the earliest lawsuit complaints received by the Hong Kong Securities and Futures Commission (SFC) successful September indicated that JPEX idiosyncratic relationship balances had been reduced and altered. As such, it is unclear whether the alleged forced conversions are related to earlier issues oregon to the DAO plan. The recency of the latest study besides leaves it unclear whether JPEX is converting idiosyncratic assets connected a wide scale.
JPEX has experienced utmost difficulties since the SFC published its archetypal informing connected Sept. 13 alleging that the speech is operating without registration.
Since then, authorities person arrested astatine slightest 18 individuals progressive with JPEX including social media influencers. Meanwhile, telecom companies person blocked entree to the platform, and JPEX’s third-party partners person denied the institution entree to assets.
In response, JPEX has suspended a fig of its ain services and has told Hong Kong users to stop depositing assets portion insisting that it volition stay operational.
The station JPEX converts idiosyncratic stablecoins to autochthonal token without notice: Report appeared archetypal connected CryptoSlate.
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