TL;DR
- Hong Kong influencer “Zhu Gongzi” faces four new money laundering charges tied to $2.4M (HK$18.78M) linked to the JPEX crypto platform investigation.
- The wider JPEX case involves over 2,700 victims and reported losses of ~HK$1.6B, with more than 80 arrests and HK$228M in assets frozen.
- Trials for key defendants, including barrister-influencer Joseph Lam, are now scheduled for March 2026.
Prosecutors in Hong Kong filed four money-laundering counts against internet influencer “Zhu Gongzi” (Chu Ka-fai) tied to HK$18.78 million routed through accounts at Chung An Bank, Mox Bank, Lee & Wah Bank, and HSBC.
The Department of Justice provided guidance, and the prosecution plans a District Court transfer. Magistrate Lin Zikang set March 27 for administrative steps. Chu appeared in court and remains on bail.
Authorities folded the filing into the wider probe of JPEX, a virtual-asset platform accused of defrauding a large investor base. The Securities and Futures Commission (SFC) warned in September 2023 that JPEX operated without a license. Shortly after the warning, the platform froze withdrawals and raised withdrawal fees, a move that triggered a surge in complaints from users unable to access funds.
Timeline and scale of alleged losses
Police reports indicate more than 2,700 victims and losses near HK$1.6 billion by early 2026. Investigators arrested over 80 people and froze about HK$228 million in assets, including cryptocurrency, cash, luxury vehicles, real estate, and gold bars. In November 2025, prosecutors filed charges against 16 individuals, among them barrister-turned-influencer Joseph Lam Chok and YouTuber Chan Wing-yee; both received bail.
Former television actor Chengg Cheng remains in custody after failing to meet bail conditions. Police also issued Interpol red notices for three suspected masterminds believed to have left the city.
Court schedules continue to shift under the weight of evidence. On December 15, 2025, the Eastern Magistrates’ Court rescheduled main trials for eight defendants to March 16, 2026, giving prosecutors time to organize material collected during a two-year investigation.
The Chu Ka-fai charge sheet outlines activity from November 23, 2020 to August 30, 2023. Prosecutors argue Chu knew, or had reasonable grounds to believe, that funds represented proceeds of indictable offenses and still processed them. The court keeps bail in place while the transfer package moves forward.
Hong Kong tightens crypto oversight as the criminal case advances
Regulators and law-enforcement units have stepped up reviews of trading promotions, over-the-counter venues, and influencer campaigns that attract users without clear authorization or investor-protection safeguards. Legal practitioners expect additional administrative actions on marketing and custody arrangements, alongside criminal prosecutions where evidence supports fraud or laundering allegations.
For victims and token holders, immediate priorities include forensic tracing of flows, asset recovery, and accountability for promoters and facilitators. The next key date is March 27, when the prosecution intends to complete transfer steps for District Court proceedings.
The March 16, 2026 trials will center on banking records, on-chain analysis, and forensic accounting, with expert testimony aimed at linking wallet activity, fiat movements, and alleged promotional conduct.
Key facts at a glance: four new charges, HK$18.78 million in questioned flows, >2,700 complainants, HK$1.6 billion in reported losses, >80 arrests, and HK$228 million in frozen assets.
