PANews reported on November 5th that, according to Hong Kong police, the "Green Stone Digital Asset Platform" (JPEX) is under investigation for operating without a license. The Commercial Crime Bureau of the Hong Kong Police Force launched an operation in September 2023, arresting 80 people, including 14 core members of the criminal syndicate. Today (November 5th), police, for the first time, invoked relevant offenses under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance to prosecute 16 people, including Lam Tsz-yin. The case will be heard tomorrow morning at the Eastern Magistrates' Courts.

Of those charged, six are core members of JPEX, involved in crimes such as conspiracy to defraud, money laundering, and inducing others to invest in virtual assets; seven are individuals associated with over-the-counter exchanges and key opinion leaders (KOLs); and three are holders of dummy accounts. In addition, police have identified two masterminds and one key member at large and have issued red notices through Interpol.

Police revealed that approximately HK$228 million in assets have been frozen. The case involves more than 2,700 victims, with total losses exceeding HK$1.6 billion. Police stated that the investigation is ongoing and a second round of prosecutions may be initiated in the future. They also advised victims to seek compensation through civil proceedings.

According to previous reports, the Commissioner of Police of Hong Kong stated that the allocation of the HK$228 million frozen funds in JPEX will only be determined after the case is concluded .