– Hong Kong police have arrested 11 individuals linked to cryptocurrency exchange JPEX on charges of fraud and operating an unlicensed virtual assets exchange.
– Over 2,000 users are estimated to have been affected, with $166 million involved.
– JPEX executives were arrested during the Token2049 conference in Singapore, causing staff to abandon their booths and flee the event.
– The exchange has applied for voluntary deregistration with the Australia Securities & Investment Commission.
– JPEX has raised its withdrawal fees to prevent capital flight.
– Users’ deposits worth 400 million Tether (USDT) will be eligible for redemption starting in late 2025.
– Mt. Gox trustees have delayed payment deadlines for creditors by another year, extending the bankruptcy process to potentially 10 years.
– Mt. Gox was the biggest Bitcoin exchange until it filed for bankruptcy in 2014 after a hack that stole 850,000 BTC.
– Singaporean firm DCS Fintech Holdings has received a $10 million investment from Foresight Ventures to develop crypto-fiat on-ramping solutions.
– DCS will use the capital to develop payment solutions that connect Web2 and Web3.
– Foresight Ventures is a $400 million fund investing in Web3, AI, and blockchain-related entities.