Hong Kong’s aspiration to become a global virtual asset hub has suffered a significant setback with the unraveling of the JPEX scandal. This controversy has not only shaken investor confidence in cryptocurrencies but has also cast a pall over the city’s ambitions in the digital asset arena.
Established in 2021, JPEX had targeted retail investors with enticing advertisements across the city, claiming to be a licensed cryptocurrency exchange and offering yields as high as 20%.
However, its recent implosion is expected to make the public more cautious about investing in cryptocurrencies, according to experts cited by the South China Morning Post.
Hong Kong’s Retail Sentiment Takes A Hit
The recent revelations surrounding JPEX have left experts and investors alike in disbelief.
“I think this scandal will have a pretty sizeable negative impact on retail sentiment, given its significant local presence and the various celebrities involved,” remarked Carlton Lai, head of blockcha
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