JPEX Crypto Exchange: What Happened and Why Users Lost Millions

When you hear JPEX crypto exchange, a now-shuttered digital asset platform that claimed to offer high-yield staking and fast trading. Also known as JPEX.com, it was once promoted heavily on social media as a reliable way to earn passive income from crypto. But in September 2023, everything changed. Hong Kong authorities shut it down after over $2.6 billion in user funds disappeared, and more than 2,000 people filed police reports. This wasn’t a technical glitch or market crash—it was a deliberate, large-scale fraud.

What made JPEX dangerous wasn’t just the scale of the theft, but how it fooled experienced traders. It mimicked real exchanges with fake trading volumes, fabricated customer support, and celebrity endorsements from people who never actually used it. Users were lured by promises of 20% monthly returns on staking, but the platform never actually held the assets it claimed to. Behind the scenes, JPEX operated like a Ponzi scheme: new deposits paid earlier investors, until the flow dried up and the site vanished. The crypto exchange failure, a pattern seen before with platforms like FTX and XeggeX. Also known as crypto exchange collapse, it happens when platforms lack transparency, regulatory oversight, or real liquidity. JPEX had none of these. It wasn’t registered anywhere. No audit logs. No public team. Just a website and a flood of ads.

The fallout spread fast. Victims included everyday people who saved for years to invest, and even influencers who promoted it without checking its legitimacy. The JPEX scam, a textbook example of how social media manipulation fuels crypto fraud. Also known as influencer crypto scam, it shows why you should never trust a platform just because someone you follow is pushing it. If an exchange can’t show you where your money is stored, or refuses to disclose its legal status, walk away. Real exchanges like Coinbase or Kraken publish their licenses, security audits, and reserve proofs. JPEX did none of that.

Below, you’ll find real cases of similar platforms that vanished, scams disguised as airdrops tied to fake exchanges, and guides on how to spot a fraudulent trading site before you deposit a single dollar. This isn’t about fear—it’s about knowing what to look for so you don’t become the next victim.