In a major development in Hong Kong's largest cryptocurrency scandal, 16 individuals have been formally charged in connection with the JPEX case. This follows the platform's abrupt freeze on withdrawals in September 2023, which resulted in over HKD 1.6 billion in losses affecting 2,700 victims. Authorities have made 80 arrests and issued Interpol red notices for three key suspects who have fled overseas. The JPEX scandal has highlighted significant risks associated with unlicensed crypto platforms and misleading promotions. In response, Hong Kong has moved to strengthen its regulatory framework for virtual assets to prevent similar incidents in the future.