Our weekly roundup of news from East Asia curates the industry’s most important developments.
JPEX scandal grows to over $166M
- Last week’s Token2049 conference in Singapore was a life-changing experience for some; for others the event did not meet expectations, but for a select group of individuals, the imminent prospect of being pursued by law enforcement meant they had to abandon their booths and flee the event.
- On September 21, local news outlets reported that Hong Kong police had arrested 11 individuals linked to troubled cryptocurrency exchange JPEX on charges of fraud and operating an unlicensed virtual assets exchange. More than 2,000 users are estimated to have been affected by the scandal, with total funds of $1.3 billion Hong Kong dollars involved in the incident ($166 million). Police allege users’ assets have been embezzled by JPEX staff.
Mt. Gox trustee creditors, trolled?
- Users of defunct Japanese crypto exchange Mt. Gox were dealt another setback on September 21, when it was announced that bankruptcy trustees would delay payment deadlines by another year. If executed, this means that the bankruptcy process would have stretched out for 10 years (if not more) since a devastating hack obliterated the exchange in 2014.
Singaporean fintech raises $10M
- Singaporean firm DCS Fintech Holdings has received a $10 million investment from Foresight Ventures for creating crypto-fiat on-ramping solutions.
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By Zhiyuan Sun