JPEX’s recent decision to transition to a decentralized autonomous organization (DAO) has sparked controversy and frustration among some users. Reports have surfaced of assets being converted to JPEX Coin (JPC) without users’ consent or knowledge. This has left investors unable to withdraw or trade their assets, causing distress and fears that their investments may become “waste paper”.
Moreover, the exchange is facing scrutiny from authorities in Hong Kong who have arrested multiple individuals associated with JPEX and accused the platform of operating unlawfully, defrauding over 2,300 people for a total of $178 million.
In response, Hong Kong authorities have established a crypto-focused task force in collaboration with the police and securities regulator. As JPEX continues to deal with legal challenges and users’ dissatisfaction, the future of the exchange remains uncertain.
