Taiwanese Singer Nine Chen Faces Charges for Alleged Fraud Involving Hong Kong’s JPEX Exchange
Taiwanese singer Nine Chen, also known as Chen Lingjiu, has been implicated in a major fraud case linked to Hong Kong’s JPEX cryptocurrency exchange. The Bureau of Investigation accused Chen on June 26 of accepting 320,000 Tether coins (approximately NT$10 million) from a Hong Kong businessman to act as a spokesperson for JPEX in Taiwan.
Chen and four other co-defendants are now facing charges, including aggravated fraud and violation of banking laws. The case has drawn attention due to the high-profile nature of the individuals involved and the substantial financial losses reported by victims.
Taiwan Singer Connection With JPEX
Chen’s legal troubles began when he was sent to the Taipei District Prosecutor’s Office to face charges of aggravated fraud and violations of banking laws.
The investigation has also named four co-defendants: Zhang Dongying, a notable figure in Taiwan’s cryptocurrency scene known as “Tigger Tony,” businessman Shi Yu, JPEX commercial tenant Niu Gengsheng, and Liu Jianfu, who facilitated JPEX’s partnership with the New Taipei Kings Basketball Team.
The case took a turn when Taipei City’s Da’an Bureau uncovered an illegal Texas Hold ’em poker operation. This resulted in the arrest of 26 people, including Chen, who was found in a guesthouse linked to JPEX’s Taiwan office. These discoveries further connected Chen to the fraudulent activities associated with JPEX.
Notably, Chen expressed confidence that the judiciary would eventually clear his name.
JPEX Under Scrutiny Before Now
JPEX has been under scrutiny by the Hong Kong Securities Regulatory Commission, which has labeled it a fraudulent entity responsible for defrauding investors of HK$1.58 billion (approximately NT$6.5 billion).
With JPEX’s office located on Zhongxiao East Road in Taipei City, numerous Taiwanese investors have come forward, filing lawsuits after suffering major financial losses.
The investigation also shed light on the role of Zhang Dongying, a well-known internet celebrity, in the cryptocurrency community. Zhang founded BITFUN, a platform to educate people about blockchain technology, and was later recruited by JPEX as their chief partner in Taiwan.
💵 The Securities and Futures Commission of Hong Kong, in collaboration with the Hong Kong Police, announced the formation of a special group to monitor and investigate crimes related to crypto exchanges. #CryptoNewshttps://t.co/htuuPgdr0U
— Cryptonews.com (@cryptonews) October 5, 2023
Her promotion of JPEX led many investors to trust the platform, only to suffer substantial financial losses. Following the exposure of the JPEX case, Zhang was detained by the court and prohibited from seeing anyone, while Liu Jianfu was released on bail for NT$50,000.
Additionally, JPEX organized a high-profile “boxing on boxing“ event at the Little Arena last July, featuring Hong Kong e-sports expert Chung Pei-sheng and Taiwanese internet celebrity Toyz. “Curator“ Chen Zhihan served as the head coach for the event.
The Bureau of Investigation suspects that JPEX used such events to recruit young people. Chen Lingjiu’s involvement in these promotional activities has further implicated him in the fraudulent scheme.
Based on the accumulated evidence, the Bureau of Investigation has charged Chen Lingjiu with aggravated fraud, marking a critical development in this high-profile case.
