DFX Intelligence
Which companies just had a verified incident, who lends to them and who owns them. Every claim carries its evidence level and its source. How we decide what is confirmed
Global Financial Service Disruptions
JPEX
crypto exchange · HK · East Asia
Mixed or cascadingStatus: resolvedTier 1Severity 4 of 5Evidence confidence: highAnalyst-verified
After a 13 September 2023 SFC warning that it was unlicensed, Hong Kong crypto exchange JPEX suspended its Earn service and raised withdrawal fees to 999 USDT, effectively freezing withdrawals. Trading was later suspended and dozens were arrested.
- First disruption
- Sep 17
- First public signal
- unknown
- Acknowledged
- Sep 17
- Restored
- resolved, time unknown
- Duration
- not established
- DFX first recorded
- Nov 5 14:58 UTC
What was restricted
withdrawalstradingScope: institution wide
Earn service delisted 18 Sep; withdrawal fee raised to 999 USDT, blocking small withdrawals; trading suspended about 25 Sep; police received about 1,600 complaints (about USD 152m).
Financial impact: About USD 152m in complaints to police (reported)
Cause, kept in separate layers
- What the institution said
- 'Liquidity shortage caused by third-party market makers' (JPEX); SFC warned on 13 Sep that JPEX was unlicensed
- DFX classification
- Mixed or cascading (cyber: unconfirmed)
- Wording used
- liquidity shortage caused by third-party market makers