A Hong Kong court has favored two investors in a civil suit against the collapsed JPEX cryptocurrency exchange, marking the first legal action in what is considered the region's largest alleged financial fraud case. District Court Judge Grace Chow Chiu-man issued a declaratory judgment for the plaintiffs, awarding them 1.85 million Hong Kong dollars (approximately $238,000) in 247,000 Tether. The plaintiffs claimed they had transferred USDT to JPEX wallets but were unable to recover their funds after JPEX ceased operations. Judge Chow noted that, with the court order, the plaintiffs could now seek enforcement actions to recover the frozen funds. The JPEX scandal began in September 2023 when authorities warned about its unlicensed operations, leading to multiple arrests related to the case, including influencers promoting the exchange. Ultimately, around 2,600 victims have reportedly lost about $206 million, with further court actions anticipated.

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