- Bitrace reveals that JPEX is not only suspected of a RugPull but also has been used for money laundering.
- More than 190 million risk TRC20-USDT have flowed through the JPEX platform in the last 20 months.
- Investors are warned of risks associated with withdrawing from or depositing funds into JPEX.
Bitrace, a blockchain analytics firm, has recently flagged JPEX, a Hong Kong-based crypto exchange, for more than just its suspected RugPull activities. The exchange is allegedly involved in a money laundering operation that has seen over 190 million risk TRC20-USDT tokens flow through its platform in the past 20 months. google news
The Hong Kong police had already arrested an internet celebrity for promoting JPEX and received over 83 reports against the exchange involving approximately HK$34 million. The latest revelation from Bitrace adds another layer of risk and complicates the situation for both investors and regulators.
Bitrace pointed out that JPEX, the Hong Kong exchange suspected of RugPull, has recently been used as a money laundering venue. The related address has flowed more than 190 million risk TRC20-USDT in the past 20 months. There may be risks for investors receiving withdrawals from… pic.twitter.com/EZYirBsnpU— Wu Blockchain (@WuBlockchain) September 20, 2023
The involvement of such a massive amount of risk TRC20-USDT implies that the platform could be a part of a larger financial crime network. Investors are advised to exercise extreme caution when dealing with JPEX, especially when it comes to withdrawals and deposits.
This news brings to light the multi-dimensional risks involved in crypto investments. It is not just the volatility of assets but also the integrity of platforms that investors must scrutinize. Regulatory bodies are likely to take this incident into account as they ramp up efforts to bring more transparency and security to the crypto market.
Bitrace has unveiled alarming information about JPEX, a Hong Kong-based exchange already under scrutiny for suspected RugPull activities. The analytics firm claims that JPEX has been used for laundering over 190 million risk TRC20-USDT in the past 20 months, raising concerns for investors who interact with the platform.