South China Morning Post: JPEX thunderstorm may become the largest financial fraud case in Hong Kong history, but investor confidence will recover with the bull market

Odaily Planet Daily reported that the JPEX incident had more than 2,000 victims, involving more than 1.3 billion Hong Kong dollars (approximately US$166 million). Industry insiders and analysts pointed out that JPEX's thunderstorm may become the largest financial fraud case in Hong Kong's history, which has sounded the alarm to local retail investors and brought great consequences to those virtual asset companies that hope that the Hong Kong SAR government will promote the development of the industry. Here comes the short term challenge. However, Carlton Lai, director of blockchain and cryptocurrency research at Daiwa Capital Markets, said that retail investors’ interest and confidence in cryptocurrencies will recover over time, especially when a bull market forms; before that, the Hong Kong SAR government needs to Continue to educate the public about its new regulatory framework and advance investor protection measures. (South China Morning Post)