Hong Kong authorities cuff six in connection with floundering crypto platform JPEX

Hong Kong police on Monday arrested six people connected to cryptocurrency trading platform JPEX. The arrests occurred the same day JPEX froze transactions. While the police did not name those apprehended, local media published photographs alleged to depict an influencer and a YouTuber who were reportedly among those arrested …

[simonlb]

Not Another Crypto Ponzi Scheme

... expressed his belief that investors should only consider licensed crypto outfits

... expressed his belief that investors should only consider licensed crypto outfits avoiding this shit like the plague. FTFY.

[Pascal Monett]

"maliciously frozen funds"

Sounds more like reasonably let you drown to me.

[Howard Sway]

gradually adjust the withdrawal fees back to normal levels

This phrase is hiding the best part of the story, which isn't mentioned in the article : they introduced withdrawal fees of $999, and a maximum withdrawal amount of $1000. Which is obviously a blatant attempt to try and stop the ponzi scheme collapsing very quickly, by only losing $1 per transaction.