34 year old internet celebrity caught and involved in a 1 billion dollar fraud case? Famous male star responds! The platform involved in the case has been sealed off
According to Hong Kong News Network, the fraud case involving cryptocurrency trading platform JPEX continues to escalate, and the police have arrested a total of 11 people so far. According to the news, Hong Kong star Cheung Chi lin, who once endorsed the platform, went to the Wan Chai Police Station on the 21st to assist in the investigation and has now been allowed to leave# Zhang Zhilin went to the police station to assist in the investigation # and made it to the hot search on Weibo.
Hong Kong star Cheung Chi lin comes to the police station to assist in the investigation
According to Hong Kong News Network, the fraud case involving cryptocurrency trading platform JPEX continues to escalate, and the police have arrested a total of 11 people so far. According to the news, Hong Kong star Cheung Chi lin, who once endorsed the platform, went to the Wan Chai Police Station today to assist in the investigation and has now been allowed to leave.
JPEX has invited multiple celebrities and KOLs to endorse and promote, among which Zhang Zhilin has filmed advertisements for JPEX and served as JPEX's Hong Kong brand ambassador. However, when Zhang Zhilin's manager replied to the media earlier, he stated that Zhang Zhilin did not participate in any investment or financial losses. After completing the advertisement last year, he had already notified JPEX in writing that if the company failed to obtain a license, it could not use his portrait for promotion and would reserve the right to pursue legal action.
JPEX, established in 2020, widely promotes through celebrities, internet celebrities, and off-site store exchanges. Upon checking its website, the platform claims to have its headquarters in Dubai and focuses on the Asia Pacific region, providing virtual currency trading services.
Zhang Zhilin's response
Hong Kong artist Cheung Chi lin released a statement on Weibo on the evening of the 21st, responding to being involved in a Hong Kong "cryptocurrency" scam.
Zhang Zhilin forwarded the company statement as follows:
Our company is the agent company of artist Mr. Zhang Zhilin. In response to recent reports about artists being involved in the virtual asset trading platform JPEX, our company hereby makes a clarification statement regarding the relevant reports:
In March 2022, our company invited artists through an advertising agency to shoot promotional videos and print hard photo advertisements for JPEX.
Subsequently, as our company learned that JPEX was listed as an unlicensed company and suspicious website by the China Securities Regulatory Commission, we officially notified the advertising agency in September 2022 to terminate the cooperation agreement immediately.
According to the agreement, no person shall use/publicly release any advertising videos, hard photos, behind the scenes footage, or any related materials during the cooperation period that include artist portraits and/or sounds, without the approval and authorization of our company.
2. Recently, our company discovered online circulation of photos and images of artists who were not authorized by our company. We now strictly require anyone to not engage in any unauthorized publishing, uploading, or reprinting of infringing acts. Our company reserves all legal rights to pursue this matter.
Regarding the JPEX incident, the artist was invited by relevant parties to assist in the investigation on September 19th and has provided the necessary assistance.
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JPEX is suspected of fraud exceeding 1 billion yuan
On September 13th, the Hong Kong Securities and Futures Commission issued a warning stating that it had noticed a virtual asset trading platform called "JPEX" actively promoting its services and products to the Hong Kong public through social media influencers and over-the-counter virtual asset currency changers.
JPEX provides extremely high returns for some of its products.
For example, on September 12, 2023, according to JPEX's website, JPEX's current wealth management products offered annual returns of 21%, 20%, and 19% for ETH, BTC, and USDT, respectively.
In addition, the Hong Kong Securities and Futures Commission has received complaints from retail investors and noted media reports that some retail investors have failed to withdraw virtual assets from JPEX's accounts or have found their account balances reduced or changed.
Subsequently, the Hong Kong police also intervened in the investigation and carried out a series of actions. On September 14th, the Hong Kong police announced that they had received a referral from SFC and the Commercial Crime Investigation Department was taking over the investigation of JPEX.
According to Hong Kong media reports, the Hong Kong police arrested 34 year old internet celebrity Lin Zuo in connection with the JPEX incident, and also arrested another internet celebrity involved in the case, Chen Yi. The police searched Lin Zuo's office at Central Entertainment and found a box of cash.
In addition to the two internet celebrities mentioned above, there are also well-known Hong Kong entertainment professionals involved in the JPEX incident, promoting advertisements for them.
According to JPEX's official website, its headquarters is currently located in Dubai. JPEX stated in a statement on September 17th that starting from Monday, September 18th, "users will not be able to make any new wealth management orders.". Meanwhile, JPEX stated, "Existing wealth management orders will be maintained until the end of the product to receive returns."
The police said that more than 1400 victims have reported cases, involving more than HKD 1 billion.