Hong Kong JPEX scam case hearing postponed to March 2026: Involving $206 million, 8 influencers and celebrities face multiple charges

Hong Kong Virtual Asset Trading Platform JPEX Fraud Case Shows New Developments. The case originally scheduled for recent hearings has been officially postponed to March 16, 2026, as prosecutors need more time to organize two years’ worth of complex investigation files. The case involves over 2,700 victims and losses amounting to $206 million, making it one of the largest cryptocurrency scams in Hong Kong to date. This delay reflects the high complexity of the case and will continue to test how Hong Kong can build an effective investor protection and regulatory enforcement system while actively embracing Web3.

Case Hearing Delayed Again: Complexity and Investigation Scale Far Exceed Expectations

In a recent hearing, the Eastern Magistrates’ Court in Hong Kong approved the prosecution’s request to postpone the JPEX scam trial. This marks a longer preparation phase for this high-profile financial crime. According to court disclosures, the main reason for the delay is that the case involves a large volume of files, electronic records, and evidence accumulated over a two-year investigation period, requiring more time for systematic organization and classification to build clear and compelling legal arguments. The next hearing is scheduled for March 16, 2026, when eight accused social media influencers and public figures will appear in court again.

This postponement indirectly reveals the breadth and depth of the JPEX investigation. Since the platform’s collapse in September 2023, Hong Kong police and related enforcement agencies have launched a large-scale operation codenamed “Iron Gate.” The investigation not only tracks the flow of funds but also involves analyzing the platform’s operational model, false advertising tactics, and transnational criminal networks. To date, over 80 people have been arrested, including six identified as core members of the criminal group. The case’s complexity far exceeds ordinary scams, exhibiting characteristics of organized, professional methods with a wide scope of involvement.

For the over 2,700 victims, the delay in trial means a longer judicial process to recover losses. Although Hong Kong police have successfully frozen assets worth over $29 million related to the case, the final return of these assets still depends on court rulings. The postponement also serves as a reminder that major financial crimes involving virtual assets often take a long time due to technical complexities and difficulties in tracing evidence chains.

Defendants and Charges: Influencers and Celebrities Caught in Legal Turmoil

The eight defendants in this case have become media focal points, revealing a key aspect of JPEX’s promotional strategy—leveraging the influence of public figures to gain trust. The list of defendants includes lawyer-turned-influencer Lam Joseph (Joseph Lam), YouTube blogger Chan Wing-yee, former TVB actor Cheng Junxi, and fitness coach Zhao Jingxian, among others. Except for Cheng Junxi, who did not apply for bail and remains in custody, the other seven have been granted bail under original conditions but are required to surrender all travel documents and not leave Hong Kong.

They face serious charges, mainly including four counts: “conspiracy to defraud,” “fraud,” “fraudulent or reckless inducement of others to invest in virtual assets,” and “handling property known or believed to be proceeds of indictable offenses.” If convicted of “conspiracy to defraud,” the maximum penalty is life imprisonment. Prosecutors allege that these defendants actively promoted the JPEX platform via social media and served as endorsers for its offline OTC (over-the-counter) shops, using their influence to induce the public to invest in a platform they knew or should have known was unregulated and problematic.

This group of “influencer” defendants is only part of the legal accountability for JPEX. On November 5, this year, police also arrested and charged another 16 individuals, including potentially more core operational members. The entire JPEX group has been described by Hong Kong police as an organized “criminal group,” with operational methods exhibiting clear fraudulent characteristics. These successive arrests and charges demonstrate the authorities’ determination to pursue comprehensive accountability from peripheral promoters to core operators.

JPEX Case Key Data Overview

Victim Count: Over 2,700

Total Involved Amount: Over $206 million USD (approximately HKD 1.6 billion)

Assets Frozen: Valued at over $29 million USD

Total Arrests: Over 80

Fugitives: 3 (Red Notices issued through Interpol)

Next Hearing Date: March 16, 2026

Reflection on the JPEX Incident: A “Perfect Storm” Impacting Hong Kong’s Crypto Vision

To understand the significance of the current legal proceedings, one must look back at the impact of the JPEX incident on Hong Kong’s market. The platform collapsed abruptly in September 2023, triggered by the Hong Kong Securities and Futures Commission (SFC) issuing a public warning that the platform had never obtained a license to operate in Hong Kong and expressing concern over misleading promotional materials. After the warning, many users found themselves unable to withdraw funds, liquidity dried up rapidly, and the platform ultimately collapsed.

This collapse was not an isolated event; it occurred at a critical time when the Hong Kong government was ambitiously pushing to establish the city as an international Web3 and virtual asset hub. The JPEX fallout was like a cold shower, severely damaging local public confidence in cryptocurrency investments and putting regulatory authorities under immense public scrutiny. The incident exposed a significant gap between rapid industry innovation and ordinary investors’ risk awareness. Many victims admitted that their trust was influenced by endorsements from influencers and celebrities, leading them to overlook the fundamental risk of unlicensed operation.

This incident directly prompted a significant strengthening of Hong Kong’s regulatory stance and a shift in communication strategies. The SFC accelerated the approval process for virtual asset trading platform licenses and more frequently and clearly published lists of licensed and suspicious platforms, aiming to enhance public education. In essence, the JPEX case has become a painful but crucial watershed in Hong Kong’s crypto regulation evolution, forcing regulators, industry players, and investors to reflect on where the bottom line of compliance and risk control lies when embracing innovation.

Investor Warning: How to Identify and Avoid Similar Risks

The JPEX case offers profound lessons for global cryptocurrency investors. As the industry rapidly develops, risks of fraud and misconduct always exist. For ordinary investors, establishing a basic risk screening habit is vital, as it may be the most effective safeguard for protecting assets.

First, verifying the regulatory status of a trading platform is the first and most important step. In Hong Kong, investors should habitually check the Hong Kong SFC’s “Virtual Asset Trading Platform List” to confirm whether a platform has been officially licensed or is on the applicant list. Platforms claiming to be “overseas registered, globally operated” but actively promoting to the local market should be approached with caution. JPEX exploited regulatory ambiguities and information asymmetries during its illegal operations.

Second, be highly skeptical of exaggerated marketing claims and “capital preservation with high returns.” Many problematic platforms, including JPEX, attract users through high returns, celebrity endorsements, and community hype. Investors need to understand that in finance, high returns always come with high risks, and promotional activities involving influencers are more marketing than professional or compliant endorsements. Before making investment decisions, verifying information independently through multiple channels is far more reliable than following an “influencer.”

As the trial date for the JPEX scam is set for over fifteen months from now, this major case that shook Hong Kong’s financial scene has officially entered the “deep water” of judicial proceedings. Its implications go beyond law enforcement: it tests whether the city can build a solid foundation of investor protection and rule of law commensurate with its goal of becoming an international virtual asset hub. The final outcome of the case will not only determine justice for over two thousand victims but also serve as an important example for how to regulate and prosecute emerging fintech crimes worldwide. Hong Kong’s Web3 story continues to be written amid the balance of compliance and innovation.