{"id":17483,"date":"2023-09-25T21:17:17","date_gmt":"2023-09-26T01:17:17","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-2\/"},"modified":"2023-09-25T21:17:17","modified_gmt":"2023-09-26T01:17:17","slug":"asia-express-cointelegraph-magazine-2","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-2\/","title":{"rendered":"Asia Express \u2013 Cointelegraph Magazine"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>Our weekly roundup of news from East Asia curates the industry\u2019s most important developments.<\/em><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-jpex-scandal-grows-to-over-166m\">JPEX scandal grows to over $166M\u00a0<\/h2>\n<p>Last week\u2019s <a href=\"https:\/\/cointelegraph.com\/magazine\/token2049-singapore-huobi-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Token2049 conference in Singapore<\/a> was a life-changing experience for some; for others, the event did not meet expectations \u2014 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.\u00a0<\/p>\n<p>On Sept. 21, local news outlets <a href=\"https:\/\/www2.hkej.com\/instantnews\/current\/article\/3568627\/JPEX%E6%A1%88%E5%86%8D%E5%A4%9A3%E7%94%B7%E5%AD%90%E6%B6%89%E4%B8%B2%E8%AC%80%E8%A9%90%E9%A8%99%E8%A2%AB%E6%8D%95\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">reported<\/a> that Hong Kong police had arrested 11 individuals linked to <a href=\"https:\/\/cointelegraph.com\/magazine\/can-you-trust-crypto-exchanges-after-the-collapse-of-ftx\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">troubled cryptocurrency exchange<\/a> JPEX on charges of fraud and operating an unlicensed virtual assets exchange. More than 2,000 users are estimated to have been affected, with $1.3 billion Hong Kong dollars ($166 million) involved. Police allege users\u2019 assets have been embezzled by JPEX staff.\u00a0<\/p>\n<section class=\"adv-banner adbutler-ad adbutler-ad__desktop\">\n<div class=\"container\"><!-- 1456x180 [img] --><br \/>\n<a href=\"https:\/\/servedbyadbutler.com\/go2\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fjpex-staff-flee-token2049-scandal-mt-gox-decade-delay-dcs-singapore-asia-express%2F\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fjpex-staff-flee-token2049-scandal-mt-gox-decade-delay-dcs-singapore-asia-express%2F;type=img\"\/><noscript><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fjpex-staff-flee-token2049-scandal-mt-gox-decade-delay-dcs-singapore-asia-express%2F;type=img\"\/><\/noscript><\/a><\/div>\n<\/section>\n<section class=\"adv-banner adbutler-ad adbutler-ad__mobile\">\n<div class=\"container\"><!-- 600x500 [img] --><br \/>\n<a href=\"https:\/\/servedbyadbutler.com\/go2\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fjpex-staff-flee-token2049-scandal-mt-gox-decade-delay-dcs-singapore-asia-express%2F\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fjpex-staff-flee-token2049-scandal-mt-gox-decade-delay-dcs-singapore-asia-express%2F;type=img\"\/><noscript><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fjpex-staff-flee-token2049-scandal-mt-gox-decade-delay-dcs-singapore-asia-express%2F;type=img\"\/><\/noscript><\/a><\/div>\n<\/section>\n<p>In a dramatic raid on Sept. 13 \u2014 day one of the conference \u2014 Hong Kong police arrested key JPEX executives, leading staff to abandon its corporate booth. The exchange subsequently applied for voluntary deregistration with the Australia Securities &amp; Investment Commission, disclosing that its Australian entity had little assets left. After the news broke, JPEX reportedly raised its withdrawal fees to 999 USDT per transaction to prevent capital flight.\u00a0<\/p>\n<p>In an <a href=\"https:\/\/blog.jp-ex.io\/cn\/n-special-announcement-20230920\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">announcement<\/a> on Sept. 20, JPEX said that 400 million Tether (USDT) worth of users\u2019 deposits would be eligible for redemption. However, the catch is that the funds can only be redeemed starting in late 2025. The firm stated that due to the ongoing law enforcement investigation, its telecom service providers and asset custodians have frozen applicable services.\u00a0<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"JPEX booth advertisement posted the day before the exchange was raided by police. (Facebook)\" class=\"wp-image-24058\" width=\"496\" height=\"496\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-1024x1024.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-300x300.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-770x770.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n.jpg 1440w\" data-lazy-sizes=\"(max-width: 496px) 100vw, 496px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-1024x1024.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-1024x1024.jpg\" alt=\"JPEX booth advertisement posted the day before the exchange was raided by police. (Facebook)\" class=\"wp-image-24058\" width=\"496\" height=\"496\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-1024x1024.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-300x300.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-770x770.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n.jpg 1440w\" sizes=\"(max-width: 496px) 100vw, 496px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>JPEX booth advertisement posted the day before the exchange was raided by police. (Facebook)<\/em><\/figcaption><\/figure>\n<p>In a press conference, John Lee, the chief executive of Hong Kong, said, \u201cThis incident highlights the importance that when investors want to invest in virtual assets, then they must invest on platforms that are licensed.\u201d Founded in 2019, JPEX heavily promoted its presence in Hong Kong with brand banners on local metro stations and taxis, as well as soliciting the help of celebrities such as singer Julian Cheung.\u00a0<\/p>\n<p>Before its collapse, JPEX\u2019s <a href=\"https:\/\/web.archive.org\/web\/20230914173437\/https:\/\/jp-ex.io\/en\/home\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">marketing<\/a> included free vouchers to any users who signed up, offers of up to 300X trading leverage, and stablecoin staking yields exceeding 30% per annum. The firm has since suspended all of its services despite previous assurances that \u201cit will not collapse.\u201d<\/p>\n<div class=\"article-suggest\">\n<p>Read also<\/p>\n<div class=\"article-suggest__items\">\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/immutable-trash-crypto-art-censorship-meaning\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Art Week<\/span><\/p>\n<p>Immutable Trash: Crypto Art Revisits Arguments on Censorship and Meaning<\/p>\n<p>                        <\/a>\n                    <\/div>\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/bitcoin-poker-payment-satoshi-nakamoto\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Features<\/span><\/p>\n<p>Bitcoin: A Peer To Peer Online Poker Payment System by Satoshi Nakamoto<\/p>\n<p>                        <\/a>\n                    <\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\" id=\"h-mt-gox-trustee-creditors-trolled\">Mt. Gox trustee creditors, trolled?\u00a0<\/h2>\n<p>Users of defunct Japanese crypto exchange Mt. Gox were dealt another setback on Sept. 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.\u00a0<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"Mt. Gox victims protesting over the excruciating delay in repayments (Finance Feeds)\" class=\"wp-image-24059\" width=\"693\" height=\"437\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Gox-1024x645.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Gox-300x189.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Gox-770x485.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Gox.jpg 1200w\" data-lazy-sizes=\"(max-width: 693px) 100vw, 693px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Gox-1024x645.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Gox-1024x645.jpg\" alt=\"Mt. Gox victims protesting over the excruciating delay in repayments (Finance Feeds)\" class=\"wp-image-24059\" width=\"693\" height=\"437\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Gox-1024x645.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Gox-300x189.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Gox-770x485.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Gox.jpg 1200w\" sizes=\"(max-width: 693px) 100vw, 693px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>Mt. Gox victims protesting over the excruciating delay in repayments (Finance Feeds)<\/em><\/figcaption><\/figure>\n<p>In April, Mt. Gox set a\u00a0<a href=\"https:\/\/cointelegraph.com\/magazine\/thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">final deadline<\/a>\u00a0for creditors to register a claim against the defunct crypto exchange. A target date of October 2023 was then set for the repayment of users\u2019 assets. The registration process has been extended periodically for several years. Despite previous reassurances, Mt. Gox trustees\u00a0<a href=\"https:\/\/www.mtgox.com\/img\/pdf\/20230921_announcement_en.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">wrote<\/a>:\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cGiven the time required for rehabilitation creditors to provide the necessary information, and for the Rehabilitation Trustee to confirm such information and engage in discussions and share information with banks, fund transfer service providers, and Designated Cryptocurrency Exchanges etc., involved in the repayments, which are required before the repayments can be made, the Rehabilitation Trustee will not be able to complete the repayments above by the deadline.\u201d<\/p>\n<\/blockquote>\n<p>Mt. Gox was the biggest Bitcoin exchange in the world when it filed for bankruptcy in 2014 after discovering that 850,000 of its customers\u2019 Bitcoin (BTC) had been stolen after years of subtle siphoning. The exchange has since recovered around 200,000 BTC. The funds have been held in trust for the creditors, with 162,106 BTC ($4.38 billion) sitting in wallet addresses <a href=\"https:\/\/token.unlocks.app\/events\/mtgox\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">tracked<\/a> by Token Unlock. At the time of the hack, the price of Bitcoin was around $580 apiece, meaning that many creditors would have realized gains on investment despite over half of their BTC being stolen.\u00a0<\/p>\n<p>In its communication to creditors, the trustee stated that payments could come as soon as the end of this year for registered creditors. However, like for the past decade, a caveat clause was included (as always):\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cPlease note that the schedule is subject to change depending on the circumstances, and the specific timing of repayments to each rehabilitation creditor has not yet been determined.\u201d<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\" id=\"h-singaporean-fintech-raises-10m\">Singaporean fintech raises $10M\u00a0<\/h2>\n<p>Singaporean firm DCS Fintech Holdings has received a $10 million investment from Foresight Ventures for creating crypto-fiat on-ramping solutions.\u00a0<\/p>\n<p>According to the Sept. 21 announcement, DCS, which originally stood for \u201cDiners Club Singapore,\u201d the first credit card issuer in the city-state nation, will use the capital to develop \u201cnew payment solutions that provide a seamless connection between Web2 and Web3.\u201d Its subsidiary, DCS Card Center, is regulated by the Monetary Authority of Singapore for issuing credit cards. CEO Karen Low commented:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThe rapid evolution of Web3 today necessitates the bridging of payments into Web2, while the rise of fintechs is democratizing payments for consumers, creating demand for greater variety and refreshing experiences. These are opportunities that DCS is well-poised to seize.\u201d<\/p>\n<\/blockquote>\n<p>As part of DCS\u2019s initial foray into Web3, it has developed a Singaporean-dollar-backed payment token, which is also dubbed \u201cDCS,\u201d for the financial service sector.\u00a0<\/p>\n<p>Also based in Singapore, Foresight Ventures is a $400 million fund investing in Web3, AI and blockchain-related entities. In May, the firm <a href=\"https:\/\/cointelegraph.com\/news\/foresight-ventures-pledges-additional-10m-for-web3-accelerator\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">pledged an additional $10 million<\/a> for its Web3 accelerator, bringing the total to $20 million. The firm also backs the $120 million Sei Ecosystem Fund.\u00a0<\/p>\n<div class=\"subscribe subscribe--inner\">\n<div class=\"container\">\n<div class=\"subscribe__inner\">\n<div class=\"subscribe__content\">\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<\/div>\n<div class=\"subscribe__img\">\n    <img alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\"\/><noscript><img src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\"\/><\/noscript>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"author category_page\">\n<div class=\"author__img\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" alt=\"\" height=\"300\" width=\"300\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/01\/portrait_about_us_zhiyuan_sun_720.jpg\"\/><noscript><img loading=\"lazy\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/01\/portrait_about_us_zhiyuan_sun_720.jpg\" alt=\"\" height=\"300\" width=\"300\"\/><\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"author__content\">\n<h2 class=\"author__name\">Zhiyuan Sun<\/h2>\n<p>Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<section class=\"news\">\n<\/section>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/jpex-staff-flee-token2049-scandal-mt-gox-decade-delay-dcs-singapore-asia-express\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our weekly roundup of news from East Asia curates the industry\u2019s most important developments. JPEX scandal grows to over $166M\u00a0 Last week\u2019s Token2049 conference in Singapore was a life-changing experience for some; for others, the event did not meet expectations \u2014 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.\u00a0 On Sept. 21, local news outlets reported that Hong Kong police had arrested 11 individuals linked to troubled cryptocurrency exchange JPEX on&hellip;<\/p>\n","protected":false},"author":1,"featured_media":15390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[34],"tags":[89,148,2621,130],"_links":{"self":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17483"}],"collection":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/comments?post=17483"}],"version-history":[{"count":0,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media\/15390"}],"wp:attachment":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media?parent=17483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/categories?post=17483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/tags?post=17483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}