# Crypto traders shift focus to 4 altcoins as Bitcoin price flatlines

**Published by:** [Masih](https://paragraph.com/@4545f/)
**Published on:** 2023-09-25
**URL:** https://paragraph.com/@4545f/crypto-traders-shift-focus-to-4-altcoins-as-bitcoin-price-flatlines

## Content

Police have also arrested three employees of the JPEX Technical Support Company, along with two YouTubers, Chan Wing-yee and Chu Ka-fai — who have a combined presence of more than 200,000 followers — in relation to the scandal. Others sought or taken in for questioning include the company’s sole director, Kwok Ho-lun, a restaurant director and three celebrities who had reportedly promoted JPEX in some form in the past. Hong Kong’s authorities, however, said the ringleaders of the operation are still on the run. The police added that the investigation was continuing and that further arrests were likely in the near future. Local police have also reportedly enlisted the help of Interpol and other international enforcement agencies after they identified suspicious crypto transfers being made from the JPEX exchange. The police have also requested that local telecommunications providers block access to the exchange’s website. During the Token2049 conference in Singapore on Sept. 13, the JPEX team allegedly abandoned its corporate booth after Hong Kong police arrested six employees on charges of fraud for operating an unlicensed crypto exchange. The exchange later shuttered a number of its yield-bearing products and ratcheted up its withdrawal fees to 999 USDT, while blaming its third-party market makers for “maliciously” freezing liquidity. At the time, it claimed that it had attempted to register with the relevant authorities and cited “unfair” treatment from regulatory bodies, including the Securities and Futures Commission (SFC).

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