## 16 More People Charged in the JPEX Case: How to Precisely Crack Down on Virtual Asset Fraud?

According to Hong Kong media reports, the Hong Kong police have taken further action in the JPEX case, submitting charges against 16 individuals to the prosecution department. The suspects include well-known internet celebrity Lin Zuo. These 16 defendants will undergo an initial hearing tomorrow at the Eastern Magistrates' Court. The seriousness of the case and the wide range of involved personnel have once again attracted public attention.

**Clear Division of Roles, Full Coverage Across All Levels**

The identities of these 16 individuals are quite complex—6 are core management of the JPEX platform, accused of conspiracy to commit fraud, money laundering, and obstructing justice; another 7 are participants in the off-chain virtual currency trading system; the remaining 3 are alleged to be users of puppet accounts used to conceal fund flows. From key decision-makers to executors and tools, the entire fraud chain is being peeled back layer by layer.

**Historical Breakthrough in Legal Application**

Notably, Hong Kong police have, for the first time, invoked provisions from the "Anti-Money Laundering and Counter-Terrorist Financing Ordinance" regarding "fraud or misleading inducement to invest in virtual assets" in prosecuting virtual asset fraud cases. This marks an ongoing improvement in the legal arsenal against virtual assets, setting a precedent for handling similar cases in the future.

**Case Scale Is Astonishing**

To date, the police have arrested 80 people, confirmed two main fugitives and one key suspect, and issued red notices through INTERPOL for global pursuit. The number of victims exceeds 2,700, with total losses surpassing HKD 1.6 billion. Assets worth approximately HKD 228 million have been frozen so far. Although the recovery rate still needs effort, the asset freeze itself demonstrates the strength of law enforcement.

**Follow-up Actions Are Still in Planning**

The police have explicitly stated that they do not rule out a second round of prosecution, indicating that the investigation is far from complete. Each new round of charges could involve more related personnel and financial chains, which is necessary for cleaning up and rectifying the entire virtual asset industry.