JPEX

Rug Pull

Exchange · born 2020 · ✝ 2023

Billboards everywhere, then the withdrawals stopped.

JPEX was a Hong Kong crypto exchange that advertised aggressively across the city before collapsing in 2023. After regulators warned it was unlicensed, it froze withdrawals and hiked fees, triggering one of Hong Kong's largest fraud probes with dozens of arrests.

Peak: ~$200M+; HK's largest fraud probe
Cause: Rug Pull
Year of death: 2023

☠️ Cause of death

The unlicensed exchange suspended withdrawals and raised fees once regulators flagged it, stranding users while authorities opened a sprawling fraud investigation.

📓 Lessons left behind

—Heavy marketing often masks a missing license.
—Regulatory warnings are a withdrawal-now signal.
—Fee hikes that trap funds precede many exit scams.

🌱 The idea that survived

Exchange licensing regimes

Accelerated Hong Kong's push to license virtual-asset exchanges and warn the public about unlicensed ones.

#exchange#exit-scam#unlicensed#hong-kong