Not sure if the people outside Hong Kong cares the JPEX scam at Hong Kong, it doesn’t really affect the crypto market in the JPEX scam, at least all the tokens don’t have significant drop these days, but it’s becoming very serious issue in Hong Kong.
The JPEX scam has been widely report in Hong Kong these days, heard that there are more than 2000+ victims in the scam and the amount is talking about HK$ 1.4 billion as of today.
image source: https://www.wikifx.com/en/newsdetail/202309189724394045.html
So far the Hong Kong police is not able to arrest the founder of the JPEX, even worse, sounds nobody knows who’s the founder of the JPEX still. They only arrest some people whom trying to promote and invite people to “invest” in the JPEX trying to earn the commission, obviously it doesn’t really help to fix this super scam problem. The people whom being arrested are all paroled now, sound it’s nothing happened.
As a long term investor in the crypto for years, it’s shame to seeing that there’s such large scandal of the crypto in Hong Kong, I tried to promote Hive to the people that I know in here Hong Kong somehow it’s very difficult as they don’t really want to accept the new stuff.
Now it’s getting more and more difficult to introduce or invite people to the crypto industry after this scandal of the crypto in Hong Kong. Anyway, we can’t blame to the people whom trying to avoid the crypto, it’s always need to be caution before you take action to invest on any stuff.
Especially cryptocurrency is highly volatile stuff, even there’s no scam on the exchange, you might suffer significant lost when you buy any token at wrong time.
Personally is not giving up the investment on the crypto, however I will re-evaluate of the crypto prospect in Hong Kong to decide should I lower the crypto portion in my investment portfolio, who can tell if the HK government will completely ban the cryptocurrency like the China government does one day?
Keeping large amount of the crypto in the exchange is not my normal practice, usually I keep most of the tokens in my own wallet, I will only send them to the exchange when I need to cash out the token to the fiat.
Touch wood, I won’t face too much trouble in case one day the HK government really completely ban the cryptocurreny, or the exchange I am using turning into scam, or shut down or run away.
Question is, will I still being enthusiastic on the crypto like I used to after such problem occur? I don’t know, but at the moment I pretty sure that I need to deploy all my token from exchange back to my wallet, I rather give up the 10% APY from the earning service on the exchange during this sensitive period.