HONG KONG: Hong Kong police on Monday arrested six people on suspicion of “conspiracy to defraud” after receiving more than 1,400 reports from potential victims who claimed to have lost around $128 million on troubled cryptocurrency exchange JPEX.

Last week, the city’s Securities and Futures Commission (SFC) warned that JPEX was advertising itself as a “licensed and recognised platform” while it was unlicensed, boasting of very high returns on its products, and offering crypto deposit and earning services which were not allowed under the new rules.

The case has since been referred to the police’s commercial crime bureau.