Hong Kong social media influencers are facing legal charges for promoting JPEX, a cryptocurrency exchange that collapsed, resulting in over $206 million in investor losses. During a hearing on December 2, 2025, eight defendants, including a former TV actor, were charged with fraud and money laundering. Seven of the accused were released on bail. JPEX ceased operations in September 2023 after being flagged by regulators for operating without a license. The investigation has led to over 80 arrests, with three suspects still at large. The case highlights the ongoing regulatory scrutiny in the crypto sector, particularly concerning unlicensed exchanges.