Fun

News Feed - 2023-09-18 05:09:00

Arijit Sarkar26 minutes agoCrypto influencer arrested in Hong Kong for JPEX associationHong Kong police reportedly arrested crypto influencer Joseph Lam (Lin Zuo), who goes by the username ‘jolamchok’ on Instagram, for his association with crypto exchange JPEX.157 Total views3 Total sharesListen to article 0:00NewsJoin us on social networksA Hong Kong-based social media influencer has been reportedly arrested after investigations around the liquidity crisis of the crypto exchange JPEX traced back their involvement.


Hong Kong police reportedly arrested crypto influencer Joseph Lam (Lin Zuo), who goes by the username ‘jolamchok’ on Instagram, for his association with JPEX, according to a South China Morning Post report. In addition, the report suggests that the police raided his office and seized boxes of evidence, including a plastic bag containing banknotes.


According to a local report, the Securities and Futures Commission of Hong Kong recently issued a statement blaming JPEX for actively promoting the platform"s services and products to the Hong Kong public through online celebrities and over-the-counter money changers.


Another unconfirmed report suggests that Lin Zuo presented “schemes” to a chat group created for cryptocurrency investment. One of the alleged victims, Miss Chen, reportedly was convinced to invest $12,800 (100,000 Hong Kong dollars) in crypto.


However, Joseph Lam did not immediately respond to Cointelegraph’s request for comment confirming or denying the accusations. According to the report:“He (Lin Zuo) from time to time claimed in the group that people kept looking for him to "pay money", threatened that "the amount of money on these two days is five times the usual".”


On Sept. 17, the influencer shared a news article claiming he “was not hit in the JPEX incident” as he posted a caption saying “Whatever doesn’t kill you makes you stronger.”Lin Zuo shared a news article claiming that he was not impacted by JPEX investigations. Source: Instagram


The development preceded Zuo’s visit to the police along with his lawyers to provide necessary information.Lin Zuo visited Hong Kong police in relation to JPEX investigation. Source: Instagram


JPEX blamed regulators and “third-party market makers” for a liquidity crisis that has seen the platform hike withdrawal fees and suspend certain operations. “We promise to recover liquidity from third-party market makers as soon as possible and gradually adjust the withdrawal fees back to normal levels,” JPEX said in a statement, noting the details will be announced after negotiations conclude.


Related:Binance CEO brushes off negativity, assures firm has ‘no liquidity issues’


A recent report from crypto exchange Bitfinex revealed that the capital outflows in the crypto industry reached $55 billion in August.Aggregate market realized value net position change. Source: Glassnode/Bitfinex


With about $55 billion being drained from the crypto markets over the past month, capital outflows did not just affect Bitcoin (BTC) but also impacted Ether (ETH) and stablecoin liquidity.


Magazine:How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in# Hong Kong# Business# Police# Cryptocurrency Exchange# RegulationAdd reactionAdd reactionRead moreHow to use index funds and ETFs for passive crypto incomeRipple is staring down an opportunity to fix its closed systemWyoming stablecoin: Are state digital currencies even possible?

News Feed

Terra Protocol Reaches Maximum Issuance of UST Daily, LFG Foundation Steps In
Terra Protocol Reaches Maximum Issuance of UST Daily, LFG Foundation Steps In Terra, one of the top 10 cryptocurrency projects by market cap, has reached a UST-related milestone re
Savannah Fortis12 hours agoSaudi’s NEOM partners with Animoca Brands for regional Web3 developmentSaudi Arabia’s forthcoming regional development project, NEOM, has partnered with Animoca Brands to push Web3 in the r
XRP ETF At 83% Approval Odds—Is The SEC Losing Grip?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ana Paula Pereira3 hours agoUK court grants appeal from Craig Wright in Bitcoin rights lawsuitThe decision reverses a prior ruling, allowing Craig Wright to appeal a lawsuit claiming copyright to the Bitcoin white paper
Tanzania Officials Want Global Clarity on CBDCs and Crypto Assets
Tanzania Officials Want Global Clarity on CBDCs and Crypto Assets Officials from Tanzania’s financial sector have called for a clearer global consensus on central bank digit
Russia’s Federation Council to Set Up Working Group on Crypto Regulations
Russia’s Federation Council to Set Up Working Group on Crypto Regulations The Federation Council of the Russian legislature is forming a working group expected to propose compreh
FTSE 100 Company, Entain, Deploys Syntropy to Improve Global Network Performance
FTSE 100 Company, Entain, Deploys Syntropy to Improve Global Network Performance press release PRESS RELEASE.PALO ALTO – April 7th, 2022— Syntropy, a transformative We
Abra settles with fifth state as US operations may be winding down
Derek Andersen2 hours agoAbra settles with fifth state as US operations may be winding downThe platform was part of a targeted campaign by state regulators and promised to stop U.S retail operations last summer.7890 Tota
Bank of Russia Wants to Ban Mutual Funds From Investing in Cryptocurrency
Bank of Russia Wants to Ban Mutual Funds From Investing in Cryptocurrency Russia’s central bank intends to prohibit mutual funds from acquiring crypto assets or related fina
Polygon, Reddit Co-Founder’s VC Firm Launch $200 Million Social Media Web3 Fund
Polygon, Reddit Co-Founder"s VC Firm Launch $200 Million Social Media Web3 Fund The team behind Polygon, the protocol dedicated to interconnected blockchain networks like Ethereum,
Mike Novogratz Says Bitcoin Could Return to $30,000 Next Month
Mike Novogratz Says Bitcoin Could Return to $30,000 Next Month Galaxy Digital CEO Mike Novogratz says he wouldn’t be surprised if the price of bitcoin returns to $30,000 nex
Record Breaking Interest – Observing the Predictive Power of Bitcoin Futures Over BTC Spot Prices
Record Breaking Interest - Observing the Predictive Power of Bitcoin Futures Over BTC Spot Prices Bitcoin futures providers have been seeing a lot of action during the last two