The cryptocurrency scandal gripping Hong Kong

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Hong Kong authorities have been trying to unravel a case involving a suspended cryptocurrency trading platform called JPEX, after the arrests of 11 people including several social media influencers. Figures from the city’s entertainment industry have also been questioned by police. The alleged fraud uncovered so far involves aboutHK$1.43 billion (US$182million) and more than 2,000 investors who were reportedly lured with promises of high yields on the unlicensed cryptocurrency platform. The company has denied the charges, accusing authorities of “unfair suppressive actions”.