JPEX Core Members, Media Influencer Joseph Lam and Cohorts Charged Under Latest AML Law Covering Virtual Asset Investments

November 06, 2025

By Joe Pan

Charged under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) Section 53ZRG—a statute created to curb fraud and reckless inducements in virtual asset investments—Hong Kong police have leveled formal accusations against JPEX’s senior figures, including six core members, seven OTC crypto staff, and three account stooges, with high-profile social media personalities Joseph Lam Chok and Chan Yi among the accused.​​

Senior Superintendent Wong Chun-yu invoked the new anti-money laundering law during his Nov. 5 briefing, marking a watershed in Hong Kong’s crackdown on crypto crime. Since 2023, the ordinance has required financial institutions and service providers to conduct sweeping customer due diligence and maintain strict records. Police charged defendants with conspiracy to defraud, money laundering, and, crucially, fraudulently or recklessly persuading the public to invest in virtual assets—offenses that now bring heavy criminal and personal liability under Cap. 615.

Police have further revealed that two ringleaders and a key operative have fled overseas, now spotlighted on Interpol’s Red Notice roster. The group faces arraignment tomorrow morning (Nov. 6) at Eastern Magistrates’ Court, with Lam expected to enter a not-guilty plea.

The scope of the crime is staggering: more than 2,709 victims have reported total losses of HK$1.6 billion, making it one of the largest cases prosecuted under the modernized Cap. 615 regime. Of the 80 arrested to date, only 16 now stand formally charged, the remainder granted police bail pending ongoing investigation. “We have solid evidence on the core members, and the investigation is ongoing,” Wong said, adding that further arrests or prosecutions remain possible as police examine the group’s structure and financial flows.​

Even as crypto fans and tabloid regulars speculated on Joseph Lam’s next move, Lam eschewed a press conference. Instead, longtime legal counsel David Fenn rather cryptically noted: “People will know by tomorrow [at the court arraignment]—it’s up to the defendant to go to the press or not.”​

For victims looking for restitution, legal hurdles remain. “A successful criminal prosecution is only part of the equation for JPEX victims in Hong Kong. While police may freeze assets from suspects including key opinion leaders, actual recovery by claimants typically requires a separate civil judgment,” explained Joshua Chu, a lawyer who has represented plaintiffs in related suits. “Victims can pursue frozen assets linked to both promoters and the platform.”

Whatever Lam decides in front of the cameras, it’s becoming clear that the court is now Hong Kong’s hottest stage. With the city watching—and Lam’s fondness for the limelight virtually guaranteed—expect the usual splash of charisma and posturing as the crypto drama unfolds. If market volatility doesn’t provide enough entertainment, Joseph Lam surely will.

At press time, David Fenn—who has represented Lam since the JPEX probe began in 2023—had not returned requests for comment.

About the Author

Joe Pan is an editor and producer at Blockwind News.  An early adopter of blockchain technology, he has covered major crypto conferences globally since 2019 and moderated Web3 events across Asia. Joe is part of the founding team of Blockwind News and teaches Asia’s first Master of Journalism course on “Covering Cryptocurrency and Blockchain” at Hong Kong Baptist University.