2023-09-18 03:22:30
JPEX Controversy｜News: Lam Zuo was arrested and police raided the Central office
[Yahoo News Report]There are new developments in the cryptocurrency exchange JPEX crisis: The police arrested Lin Zuo today (18th), suspecting that he is related to the incident. The police also searched Lam Zuo’s office in the Entertainment Building in Central. The case is now being handed over to the Commercial Crime Bureau for follow-up. At around 12:30, Lin Zuo left the entertainment center under the arrangement of the police. Sources on the scene indicated that he would be taken to the police station for questioning. Officers from the Commercial Crime Bureau also removed a large number of exhibits, including stacks of cash.
At around 12:30, Lin Zuo left the entertainment mall under the arrangement of police officers from the Commercial Crime Investigation Bureau. (Screenshot of Channel C live broadcast)
Lin Zuo (the one wearing amber glasses) was taken away by the police.
Officers from the Commercial Crime Investigation Bureau took away the evidence.
Commercial Crime Bureau officers removed the evidence, including stacks of cash. (Screenshot of Channel C live broadcast)
Lin Zuo’s cryptocurrency exchange shop is located in the Entertainment District in Central, with a monthly rent of NT$260,000. It officially opened this month.
Claiming to be affected by the incident and suffering heavy losses
After JPEX was named by the China Securities Regulatory Commission, new withdrawal restrictions were added. Investors were limited to withdrawing 1,000 Tether (USDT, 1 USDT is worth approximately 1 US dollar), and the handling fee was once as high as 999 USDT. After JPEX launched the measures, many investors were worried regarding losing all their money. Lin Zuo once said that he had “suffered heavy losses” and said he would help follow up on the incident.
Lin Zuo said last Friday that he took the initiative to contact the police through his lawyer, saying that he wanted to provide “urgent and useful” information in the hope of “seeking justice” for the affected people. The police opened an electronic link for online reporting that night, and Lin Zuo also posted a post, but he stated that he “did not actively seek credit.” Yesterday (17th), Lin Zuo stated on Instagram that he had contacted two “familiar legislators” on Saturday (16th) night, and said that both of them attached great importance to the development of cryptocurrency.
Police Commissioner Xiao Zeyi said last Saturday that 83 people called the police for help regarding the JPEX incident, involving NT$34 million.
After JPEX raised the withdrawal threshold, many investors were worried regarding losing all their money. Lin Zuo once said that he had “suffered heavy losses” and said he would help follow up the incident. Lin Zuocai said yesterday (17th) that he had contacted two “familiar legislators” on the evening of Saturday (16th) and said that both of them attached great importance to the development of cryptocurrency.
After being fired by the insurance company in June, he changed careers.
Lin Zuo, who was originally an insurance broker, was fired from Prudential because of his “draining” remarks following the “Diamond Hill Massacre” in June. Lin Zuo later said that the prospect of cryptocurrency is good, and he decided to devote all his efforts to the cryptocurrency business, teach classes, and open a cryptocurrency exchange shop in the Entertainment District in Central. On August 1, Lin Zuo stated on his Facebook page that he had become a “partner” of JPEX. However, following JPEX’s “accident”, he quickly cut off his position, saying, “Currently, I can’t see such a post on my Facebook.” He also pointed out that the page is often managed by colleagues, and he has no memory of announcing that he has become a partner of JPEX on the page.
Lin Zuo once showed a screenshot of his account on JPEX on a social platform, which showed that he had assets equivalent to 28 Bitcoins on the exchange at the time, with a market value of approximately HK$6.8 million at the time. Lin Zuo even stated at the time that he was determined to become the “godfather of the currency circle.”
On the 5th of this month, Lin Zuo showed a screenshot on IG, saying that he had received a check of 740,000 yuan in his account. He said at the time, “This is one of my incomes last month,” and “it’s N times what I got from insurance before.” Lin Zuo did not mention the source of this income.
Being a “partner” can earn commissions
JPEX launches in 2022partnership system, indicating inviting customers to become “partners”. The terms at the time mentioned that if 1,000 people might be invited to join as JPEX customers, and the average assets invited within 30 days reached 10 million USDT, the partners would receive a monthly reward of 6,000 USDT, equivalent to HK$47,000.As for April this yearJPEX further upgraded the system, saying that “reverse (rebate) commission rewards can be up to 100,000 USDT”, which is equivalent to HK$780,000.
Lin Zuo shared his income of 740,000 yuan. (Picture: Lin Zuo IG)
Lin Zuoceng showed his assets on JPEX in July. At that time, he had assets equivalent to 28 Bitcoins, with a market value of regarding HK$6.8 million at the time.
Lin Zuo once stated in July that he wanted to become the “godfather of the currency circle.”
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