Asia’s Version of FTX
TL;DR
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So there’s this unregistered crypto trade based mostly out of Hong Kong, referred to as JPEX, which simply collapsed, taking everybody’s funds together with it (allegedly).
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When the information began to interrupt that JPEX might need up an left with everybody’s cash, the homeowners of the trade instantly did two issues (allegedly): Put a strangle maintain on its clients’ funds, by decreasing the max withdrawal to $1000 USD, whereas upping any and all withdrawal charges to $999 USD; and disappeared.
Full Story
We have been simply hanging out with Donald and Austin from Aftermint, and so they put us on to 1 hell of an unfolding story…
So there’s this unregistered crypto trade based mostly out of Hong Kong, referred to as JPEX.
It is simply collapsed, taking everybody’s funds together with it (allegedly).
And whereas the potential fraud on this story feels paying homage to FTX…it is WAY extra blatant.
How blatant? Test this out…
When the information began to interrupt that JPEX might need up an left with everybody’s cash, the homeowners of the trade instantly did two issues (allegedly):
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Put a strangle maintain on its clients’ funds, by decreasing the max withdrawal to $1000 USD, whereas upping any and all withdrawal charges to $999 USD.
I.e. If you happen to have been to withdraw the max $1000, you’d get $1 after charges.
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Then pulled a Harry Holt (i.e. disappeared). We imply, straight up ghosted. E.g. JPEX had a sales space at Singapores Token2049 final week.
Day one, they have been there → the information broke that night time → day two, the sales space was empty. (As have been their Hong Kong and Shanghai places of work, apparently).
Ethical of the story: we’d like clear and truthful rules enforced throughout the worldwide crypto business.
(Ideally looser than Gary Gensler’s and tighter than Hong Kong’s).
