The JPEX exchange fraud case is the largest cryptocurrency scandal in Hong Kong's history. Two years after the incident occurred in 2023, the investigation is still ongoing and has not fully concluded, with the amount involved exceeding 1.6 billion HKD and over 2,700 investors suffering losses.
JPEX was registered in Dubai in 2020, primarily targeting the Hong Kong market. It falsely claimed to hold trading licenses for virtual assets in multiple countries, including the U.S. and Canada, and labeled itself as a 'Japanese cryptocurrency exchange' to create a facade of compliance. In reality, the relevant licenses were only for foreign exchange trading. The platform launched the 'Earn' product, luring investors with an enticing annual return of 20% for Bitcoin and 21% for Ethereum, while saturating Hong Kong subway stations with offline advertisements, opening over-the-counter trading shops, and enlisting KOLs like Lin Zuo for promotion, brainwashing investors from all angles.
In July 2023, users from mainland China reported difficulties in withdrawing funds. Some users seeking to protect their rights were ambushed and beaten after arriving in Hong Kong. On September 13 of the same year, the Hong Kong Securities and Futures Commission issued a warning, stating that JPEX was operating illegally without a license, but JPEX countered that it was facing unfair regulatory suppression. On September 17, platform users were completely unable to withdraw funds normally; not only were high-interest products delisted, but the withdrawal fee for USDT skyrocketed from 10 USD to 999 USD, with a single withdrawal limit set at only 1,000 USD, effectively freezing users' assets.
On September 19, 2023, the police launched 'Operation Iron Gate,' initially arresting 8 individuals, with the number of arrests gradually increasing to 80. By November 2025, the case had made significant progress, with 16 individuals officially prosecuted, including core members of the platform and promotional KOLs. At the same time, Interpol issued red notices for Mo Junting and 3 other masterminds involved in fund transfers and money laundering, who have fled overseas since the incident.
As of November 2025, the police had only frozen 228 million HKD in assets, which is significantly less than the 1.6 billion HKD at stake, with investors receiving an average return rate of less than 15%. On the 6th of that month, 16 defendants appeared in court, and KOLs involved, including Lin Zuo, were released on bail after posting bail bonds, while the case continues to progress.
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Google parent Alphabet may be on track for one of the biggest tech windfalls ever. Its 2015 investment of $900 million in Elon Musk’s SpaceX—worth just 7% at the time—could explode in value if SpaceX goes public next year.
🚀 THE BIG NUMBER: If SpaceX lists at its expected $1.5 trillion valuation, Google’s stake could be worth a staggering $111 billion.
This isn’t Google’s first big gain. Earlier this year, the company reported an $8 billion jump tied to its SpaceX holdings—making up 25% of Google’s Q1 2025 net income.
💡 WHY GOOGLE BET BIG The original investment supported SpaceX’s Starlink satellite internet project, eventually creating a strategic partnership where Starlink runs partly on Google Cloud. Alongside Fidelity and Founders Fund, Google remains one of SpaceX’s key investors.
🚀 SPACEX IPO: WHAT WE KNOW According to Bloomberg, SpaceX aims to raise $30 billion as it explores an IPO. The move would give the company access to huge public funding—while also placing SpaceX under tighter public scrutiny, something Elon Musk dislikes.
If SpaceX lists publicly:
Musk’s wealth (currently $461B) could potentially double.
He could secure massive loans using SpaceX shares, similar to Tesla.
🌍 THE BIGGER PICTURE SpaceX continues to dominate: launching astronauts, powering global internet, and running multi-billion-dollar programs with NASA. Starlink alone brings in the majority of SpaceX’s current revenue.
The company’s ultimate dream—a permanent human settlement on Mars—remains far away, but the next-gen Starship rocket is the boldest step yet, despite multiple test explosions.
📈 For investors like Google, a SpaceX IPO would offer a chance to cash out with historic profits as the company transitions into the public market.
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