Hong Kong court hears first civil claim against JPEX, two victims seek HK$1.85 million

Last year, the virtual asset trading platform JPEX was suspected of operating without a license and was suspected of fraud. A large number of investors suffered losses. Two investors claimed that they believed that JPEX was licensed and credible, so they opened an account to invest in Tether. The two later found that the assets in the account were transferred without authorization. Earlier, they filed a lawsuit in the District Court to recover 240,000 Tether or HK$1.85 million from JPEX's Hong Kong and Macau registered companies and related persons, becoming the first civil claim case against JPEX. It is reported that the case was heard in the District Court yesterday. JPEX's registered company in Hong Kong was absent from the hearing. The investor believed that JPEX held the assets involved in the case in a trust and asked the court to order the other party to return or compensate. The court postponed the ruling. The plaintiff stated in his statement that the two parties were in a trust relationship. After the plaintiff deposited Tether into the wallet, he never knew the private key of the wallet. The private key was kept by the defendant. In the end, all the assets were transferred without authorization. Therefore, he believed that this case was a breach of trust. The plaintiff asked the court to rule that the second defendant held the assets involved in the case in a trust, tracked the whereabouts of the assets and ordered the other party to return or compensate. (Hong Kong Economic Journal)