Renowned Taiwanese vocalist Nine Chen, known in the music industry as Chen Lingjiu, finds himself at the center of a significant fraud allegation tied to the JPEX cryptocurrency exchange based in Hong Kong. On June 26, the Bureau of Investigation leveled charges against Chen for reportedly receiving a sum of 320,000 Tether coins, valued around NT$10 million, from a businessman in Hong Kong for his endorsement of JPEX’s operations in Taiwan.
Chen, alongside four additional defendants, is now confronting legal accusations, including severe fraud and transgressions of banking regulations. The case has garnered widespread attention due to the stature of the accused and the extensive financial damages incurred by the claimants.
**The Entanglement of a Taiwanese Singer with JPEX**
Chen’s association with legal challenges commenced with his summons to the Taipei District Prosecutor’s Office, where he faced allegations of severe fraud and banking law infractions.
The inquiry has brought to light four other implicated parties: Zhang Dongying, an influential personality within Taiwan’s digital currency sphere, also known as “Tigger Tony”; Shi Yu, a businessman; Niu Gengsheng, a commercial associate of JPEX; and Liu Jianfu, who played a pivotal role in forging a partnership between JPEX and the New Taipei Kings Basketball Team.
The narrative took an unexpected twist with the Da’an Bureau of Taipei City’s revelation of an illicit Texas Hold ’em poker game, leading to the apprehension of 26 individuals, including Chen, who was discovered at a lodging connected to JPEX’s Taiwanese headquarters. These findings have further implicated Chen in the fraudulent undertakings linked to JPEX.
Chen has publicly declared his belief in the judicial system’s ability to exonerate him in due course.
**Prior Scrutiny of JPEX**
The Hong Kong Securities Regulatory Commission has previously cast a critical eye on JPEX, denouncing it as a deceptive operation accountable for swindling investors out of HK$1.58 billion (roughly NT$6.5 billion).
Situated on Zhongxiao East Road in Taipei City, JPEX has seen a multitude of Taiwanese investors stepping forward to initiate legal action after enduring significant financial setbacks.
Further investigation highlighted Zhang Dongying’s role, a celebrated internet figure within the cryptocurrency community. Zhang established BITFUN, a venture aimed at disseminating blockchain knowledge, and was subsequently enlisted as JPEX’s principal ally in Taiwan.
Her endorsement of JPEX persuaded numerous investors to place their trust in the exchange, resulting in severe financial repercussions. In the aftermath of the JPEX scandal coming to light, Zhang was taken into custody by the authorities and barred from any external contact, while Liu Jianfu was granted bail for NT$50,000.
Moreover, JPEX orchestrated a notable “boxing on boxing” event at the Little Arena the previous July, showcasing Hong Kong e-sports authority Chung Pei-sheng and Taiwanese online sensation Toyz, with “Curator” Chen Zhihan assuming the role of head coach.
The Bureau of Investigation harbors suspicions that JPEX utilized such events as a means to allure the youth. Chen Lingjiu’s active participation in these marketing endeavors has further entangled him in the alleged deceitful plot.
In light of the evidence amassed, the Bureau of Investigation has formally indicted Chen Lingjiu with aggravated fraud, marking a pivotal juncture in this high-profile legal affair.
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