1 year ago
The Hong Kong cryptocurrency speech JPEX precocious converted idiosyncratic funds to a autochthonal token known arsenic JPC. According to JPEX, affected users volition lone beryllium capable to currency this token retired aft 2 years. One affected idiosyncratic said the crypto speech did not pass them of the conversion complaint utilized to implicit this transaction.
Conversion Supposedly Backed by 68% of Users
The beleaguered Hong Kong cryptocurrency exchange, JPEX, has reportedly proceeded with its arguable program of converting users funds to its in-house integer token known arsenic JPC. As portion of the exchange’s plan, users whose assets were converted to the presently illiquid token volition lone beryllium capable to redeem their funds successful 2 years.
The speech said converting idiosyncratic funds volition assistance it boost its currency travel presumption and clasp investors. JPEX besides claimed that the program had been endorsed by 68% of user. However, according to a report successful the South China Morning Post (SCMP), immoderate users of the speech level said they were not consulted. Others said they lone became alert of this aft JPEX unilaterally converted their integer assets.
As antecedently reported by Bitcoin.com News, JPEX was forced to suspend immoderate trading activities aft respective radical linked to the speech were arrested by section instrumentality enforcement. At the clip of the arrests, Hong Kong constabulary claimed to person received 1,641 complaints astir JPEX involving $153 million.
However, the SCMP’s Oct. 4 study said that this fig has since grown to $191 million. The study besides revealed that a tv histrion known arsenic Cheng Chun-hei is 1 of the 2 suspects who were arrested connected the aforesaid day.
Users Unaware of Conversion Rate Used
Meanwhile, an unnamed unfortunate of what is present being described arsenic 1 of Hong Kong’s biggest fraud cases is quoted successful the study confirming the conversion.
“All of my USDT [Tether tokens] and different cryptocurrencies are gone, each transferred to JPC [the platform’s ain integer currency] … Some different users holding the tokens and different assets person besides recovered them transferred,” the anonymous fraud unfortunate said.
The unfortunate besides claimed that the crypto speech failed to pass affected users of the complaint of conversion utilized to implicit this transaction.
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