‘Hong Kong’s FTX’ victims win lawsuit, bankers bash stablecoins: Asia Express
Victims of ‘Hong Kong’s FTX’ take aim at $29M seized by police, central bankers bash stablecoins, crypto scammers busted over luxury condo.
A Hong Kong court has ruled in favor of two investors who filed a civil suit against defunct Dubai-based cryptocurrency exchange JPEX and its affiliate Web 3.0 Technical Support.
With the judges ruling, 1.85 million Hong Kong dollars (around $238,000) will be recovered on behalf of the plaintiffs.
What this newest judgment [shows] is that victims of virtual currency-related cases do have judicial recourse and set a precedent for all those victims who are in similar positions longing to recover their cryptos, but might be at a loss as to what options they have other than waiting for results from criminal investigation,” Joshua Chu, co-chair of the Hong Kong Web3 Association and the lawyer representing the plaintiffs, tells Magazine.
‘They can take their own steps and police will need victims to have a court order to vest frozen assets in any event,
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Author: Yohan Yun
