Two people have filed a civil lawsuit against cryptocurrency trading company JPEX and other defendants. JPEX

Two people have filed a civil lawsuit against cryptocurrency trading company JPEX and other defendants. JPEX is accused of fraud involving 1.6 billion Hong Kong dollars ($208 million). This is the first civil trial in the case, and others are expected to follow.

Herbert Lam Sung-him and Chan Wing-yan are seeking $236,500 in compensation in the Hong Kong District Court, according to the South China Morning Post. On June 4, the couple filed three alternative requests, meaning the court can choose between them.

In addition to JPEX, the suit names an affiliate – Web3.0 Technical Support, “any person who implemented or assisted the project,” three individuals identified as “wallet holder(s)” and Felix Chiu King-yin . , chief executive officer of Coingaroo, the cryptocurrency exchange linked to JPEX.

GPX app. Source: Google Play

A civil suit is the only option against JPEX

The lawsuit covers three transfers to JPEX wallets made by Chan in July and August, totaling $110,500 in Tether (USDT) and $130,000 in cash at the current exchange rate. One of the transfers was made in Lam’s name. The plaintiffs were subsequently unable to withdraw this money. They found that the funds were transferred from their wallet “within five minutes” of deposit.

Related: Hong Kong Strengthens Cryptocurrency Regulations Following JPEX Fraud Case

Joshua Cho Kew Wah, Chan and Lam’s lawyer, said civil action was the only way victims of the alleged fraud could get the money back. he added:

“The findings of the civil proceedings could strengthen the parallel criminal investigation against the suspects, underscoring the importance of this multi-faceted legal strategy for victims. »

JPEX had numerous alleged accomplices

The investigation into Dubai-based JPEX began in September after Hong Kong’s Securities and Futures Commission identified it as an unlicensed virtual asset trading platform. Eleven people were arrested that month. According to the Hong Kong Free Press, the total number of detainees had risen to 73 as of June 3, and all had been released on bail.

Source: Cryptadamist

Social media influencer Joseph Lam Chuk, also known as Lin Zhu, was among those arrested. The plaintiffs mentioned him by name in their lawsuit.

Police received 2,265 complaints against JPEX as of April. MP Johnny Ng Kit Chung said he was in contact with hundreds of victims of the alleged affair and was aware of 10 other civil suits pending.

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