Crypto exchange JPEX is going ahead with a user-approved plan to transition to a DAO and issue dividend shares, but other users claim their assets were suddenly converted to the platform’s native cryptocurrency.
JPEX has pushed ahead with its DAO Shareholder Dividend Scheme. However, some users claim their assets are being converted without their knowledge.Embattled crypto exchange JPEX has pushed ahead with a plan that will purportedly transition the platform into a decentralized autonomous organization — the exchange’s native token — in proportion to shareholder dividends.
The scheme appears to be an incentive for users to keep their funds on the embattled exchange, which has been experiencing liquidity issues.She claims that she and other users found they could no longer withdraw their assets following JPEX’s announcement to proceed with the plan. The Hong Kong police and the city’s Securities and Futures Commission have formed a joint task force to crack down on illegal crypto exchange activities. Meanwhile, the JPEX scandal continues to unfold.“All of my [Tether] USDT and other cryptocurrencies are gone,” the person said. She claimed her assets were converted to JPC — a low liquidity token with few use cases.
“Some other users holding the tokens and other assets have also found them transferred,” the user said. “Given the unknown price and the impossibility of withdrawal, our assets have now become just waste paper.” It’s not known if the people quoted in the report voted in favor of the plan but some JPEX users previously told the SCMP they’d been forced to accept the plan as there was no option to vote against it on its app.arresting multiple peopleHong Kong police say the Dubai-based exchange defrauded at least 2,300 people of $178 million .
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