Social Media Celebrities in Multiple Regions Face Legal Consequences for Promoting Collapsed Cryptocurrency Exchange

The legal proceedings against social media personalities who endorsed JPEX—a platform that defrauded victims of over $206 million—are advancing after prosecutors received court approval to delay trial proceedings until 2025. During Monday’s hearing at Eastern Magistrates’ Courts, the judicial system moved closer to resolving one of Hong Kong’s most significant digital asset fraud cases. Seven of eight defendants secured bail continuation, though ex-TVB performer Zheng Junxi declined the option and remains detained.

The accused represent a diverse group of digital-age figures: former legal professional Lin Junjie, content creator Chen Yongyi, fitness professional Zhao Jingxian, and Zheng Junxi. They face allegations including conspiracy to commit fraud, fraudulent inducement toward virtual asset investment, and handling proceeds believed to originate from serious crimes. The case has drawn attention to how easily public figures can become entangled in schemes, particularly when cryptocurrency ventures exploit their follower bases.

The Broader Fraud Network and Geographic Reach

What began as a regional crisis has expanded into an international investigation. Beyond the influencers in the Philippines and Taiwan reporting losses, law enforcement across multiple jurisdictions discovered that the operation extended further than initially apparent. When JPEX collapsed in September 2023, the Hong Kong Securities and Futures Commission immediately issued warnings about the platform’s unlicensed status and deceptive marketing tactics. The aftermath revealed 2,700+ individuals suffered financial devastation, with authorities uncovering a complex web involving 16 charged individuals.

The investigation encompassed multiple criminal layers: six individuals alleged as core organizers, seven connected to over-the-counter cryptocurrency operations, and three managing fake accounts. Police actions resulted in over 80 arrests during the investigation phase. Three suspected primary architects remain fugitive—Mo Junting, Zhang Juncheng, and Guo Haolun—with Interpol red notices issued for their capture.

Impact on the Industry and Public Trust

The JPEX scandal has forced Hong Kong’s regulatory apparatus to reconsider its approach to virtual asset oversight. The SFC restructured its licensing information release protocols and intensified public awareness campaigns regarding cryptocurrency risks. This episode occurred during Hong Kong’s strategic pivot toward establishing itself as a Web3 financial center, creating a contradiction between governmental ambitions and public confidence deterioration stemming from the fraud magnitude.

The next court appearance is scheduled for March 16, with authorities continuing to pursue justice across borders as victims from the Philippines and Taiwan seek resolution alongside Hong Kong-based complainants.