The ongoing JPEX cryptocurrency fraud scandal has taken a legal turn as Hong Kong police have formally charged 16 individuals. This includes influencer Joseph Lam Chok, accused of orchestrating fraud through investment in unlicensed virtual asset products. The charges come after years of investigation and the arrests of over 80 people, totaling estimated losses of HK$1.6 billion ($205 million). Authorities allege that JPEX operated as a misleading exchange, leveraging OTC (over-the-counter) operators and social media influencers to attract investors, ultimately trapping them with difficulty withdrawing funds. The investigation has uncovered evidence of money laundering through multiple wallets, converting crypto into assets like cars and cash.