Hounax, a crypto trading platform, is accused of scamming Hong Kong investors and causing them to lose over $15 million. The alleged scam involved around 131 investors, with the largest reported loss being $1.54 million. The scammers built trust with the victims and even demonstrated the ability to withdraw funds from the platform. However, after the deadline for withdrawals passed, investors realized they couldn’t access their funds and reported the matter to the police. The Securities and Futures Commission (SFC) had included Hounax on its alert list as a suspicious trading platform, but some investors felt the warning came too late. This incident follows the JPEX saga, where authorities received over 2,000 complaints from victims who lost their funds to the company. Several arrests have been made in Hong Kong, and the chief JPEX partner in Taiwan has been apprehended.

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Information	Details
Geography	Asia
Countries	🇭🇰 🇨🇦 🇺🇸
Sentiment	negative
Relevance Score	1
People	Doreen Kong Yuk-foon, Wong, Ng, Johnny Ng Kit-chong
Companies	JPEX, Hounax, Securities and Futures Commission (SFC)
Currencies	None
Securities	None