Cryptocurrency exchange JPEX has been under suspicion of “running away” recently, but some communities have expressed that they have long been wary of JPEX. In addition to problems with the trading operations behind it, it was also revealed today that the funds behind it may be used in illegal ways.
(Preliminary summary: The Hong Kong Securities Regulatory Commission named JPEX: it did not obtain a regulatory license, provided false statements… and raised six major doubts)
(Background supplement: Alert! JPEX withdrawal fee is 999 mg, withdrawals were temporarily suspended, and the platform currency JPC plummeted)
The Securities and Futures Commission of Hong Kong (SFC) only warned on the 13th that the cryptocurrency exchange JPEX has not been licensed by the SFC and has not applied for a license from the SFC to operate a virtual asset trading platform in Hong Kong. Since yesterday, it was reported that JPEX has suspended withdrawals. The withdrawal fee is 999 USDT, and there are even reports that JPEX’s booth at Token 2049 at the Web3 Summit has long been empty.
After the incident, many cryptocurrency communities stated that they had already questioned the operation behind this cryptocurrency exchange, and provided an annual interest rate of more than 20% to alert them to fraud prevention, and they would not feel special about the incident. Accident.
Extended reading: Hong Kong 01 broke the news earlier: JPEX registered in multiple countries as a suspected “human head company” and falsely advertised that it had relevant licenses
The contract has no funding rate, and the transaction data is on Binance
The community pointed out that JPEX originally promoted the feature of not charging users a funding rate in perpetual contract transactions, claiming that this was to help users save transaction costs and make it easier for users to make money, and even pointed out that Binance , OKX, and Bybit all have funding rates, and they are also likely to get involved. Therefore, JPEX claims to have no funding rate as a major advantage, but it is actually criticized by the community as “a major innovation in the industry.”
in addition,anti.scam.crypto.hk also broke the news, when JPEX listed the WLD (Worldcoin) trading pair in mid-August, it was found that the operation method was different from other exchanges. On JPEX, users cannot withdraw or deposit WLD coins, and it is not just WLD. The same is true for meme currency dark horse PEPE. JPEX users are also unable to withdraw PEPE coins.
In addition, the price of WLD on JPEX is exactly the same as the price of WLD on Binance. As long as there is a short delay, the price of the token on JPEX will be exactly the same as the price data on Binance. This has triggered the community’s doubts about whether JPEX has Regarding real trading concerns, some people believe that JPEX only connects data from other exchanges and copies price trends to bet against users.
JPEX transaction fraud｜Source: anti.scam.crypto.hk IG
Analysis platform: JPEX funds used for money laundering
Not only is the operation of the exchange shady, but problems with the funds behind JPEX were also revealed today. Earlier, blockchain data analysis company Bitrace tweeted that the flow of funds behind the TRON address related to JPEX is opaque. One of its hot wallet recharge addresses has flowed in more than 190 million USDT at risk in the past 20 months, accounting for 22.04% of all funds. It is classified as risk capital, and the risk types are identified as “black and gray assets”, “online gambling” and “money laundering”.
It is understood that Tether has a freezing program code on the USDT smart contract. In the past, when the financial flow was involved in problematic exchanges and fraud cases, Tether officials could use the background to change the USDT held by the relevant suspicious wallets to be untradable. Assist with the investigation process.
Recently, the Securities and Futures Commission of Hong Kong warned that #JPEX It is an unregulated virtual trading platform and clarifies that none of the entities under the JPEX Group have applied for a license from the Securities and Futures Commission to operate in Hong Kong.
and #Bitrace An audit of on-chain funds shows that,#JPEX The relevant address has been seriously contaminated by funds. One of its hot wallet recharge addresses has seen an inflow of more than 190 million USDT at risk in the past 20 months.#Bitrace Some data will be disclosed through this thread 👇
— Bitrace (@Bitrace_team) September 15, 2023
📍Related reports📍
alarm! The JPEX withdrawal fee is 999 mg, withdrawals were temporarily suspended, and the platform currency JPC plummeted
The Hong Kong Securities Regulatory Commission named JPEX: it did not obtain a regulatory license, provided false statements… and raised six major doubts
$JPC plummeted 50% after punching, JPEX community owner responded: It is a healthy correction
2023-09-15 08:11:07
#JPEX #involved #money #laundering #million #USDT #exposed #transaction #price #misappropriated #Binance #API
