Hong Kong JPEX scandal: influencer Joseph Lam stops renting crypto shop, says he has cut ties with platform at centre of alleged fraud and will adopt ‘positive attitude’
- Joseph Lam addresses the media over his involvement in cryptocurrency platform JPEX, which is at the centre of city’s largest alleged scam of its kind
- He says he has cancelled the lease of his 2,900 sq ft office at the Entertainment Building in Central, which he ran as over-the-counter crypto exchange store
Reporters questioned Lam at a high-profile press conference on Friday following his release on bail, but the 33-year-old said he could not comment on the case as a criminal investigation was ongoing. While acknowledging the gravity of his situation, he voiced optimism and quoted his “idol” Winston Churchill.
“I know that many people have troubles. What I am facing now is even bigger trouble. But I choose to take a positive attitude. Like what my idol Winston Churchill said: ‘For myself I am an optimist – it does not seem to be much use to be anything else’,” he said.
Lam said he was no longer involved in the business activities of JPEX, and had on Wednesday prematurely terminated the rental contract for his office, as he was facing what he called a “very serious matter”.
The lease termination for the more than 2,900 sq ft premises at the Entertainment Building in Central came about two weeks after Lam began renting the space on a two-year deal for operating the business “Lam Chok Coin Speculation”.
It was searched by police earlier this week, with boxes of evidence and a substantial amount of cash seized. He had previously told the media the monthly rent of the unit was HK$260,000 and that he would need to pay compensation for terminating the lease prematurely.
Lam, a former lawyer who went on to have a stint in insurance, is among 11 suspects arrested since Monday after police received more than 2,000 complaints of alleged fraud against JPEX as of Thursday. He was arrested over conspiracy to defraud and released on bail on Tuesday.