Hong Kong police investigates Hounax exchange for alleged rug pull
Hong Kong Police and SFC investigate Hounax, a non-licensed crypto exchange , after receiving 145 reports of fraud. Following the arrest of several individuals linked to the JPEX cryptocurrency fraud, another Hong Kong-based virtual asset trading platform, Hounax, has experienced a rug pull. According to local reports, the Hong Kong Police have received reports from 145 victims, involving a total loss of approximately HK$148 million. You might also like: DOJ doc details length of Binance founder Changpeng Zhao’s possible prison sentence The Securities and Futures Commission (SFC) of Hong Kong revealed that they had received 18 complaints related to Hounax, with the amount involved ranging from HK$12,000 to as high as HK$10 million. Julia Leung, the CEO of the SFC, clarified that Hounax is not a licensed virtual asset trading platform and has not applied for a license from the SFC. Consequently, the SFC lacks the authority to halt its operations but has included the platfor...