Internet Celebrity Zhu Faces Money Laundering Charges in Hong Kong JPEX Scandal: Over HK$18.8 Million Involved

Early January 2025 brought fresh developments in the ongoing Hong Kong JPEX virtual asset trading scandal. Internet celebrity Zhu Jiahui, commonly known as “Master Zhu,” has been indicted on three additional money laundering charges, marking a significant escalation in the legal proceedings. The new charges shed light on a complex financial web that authorities have been unraveling since the unlicensed platform was exposed in 2023.

The JPEX Fraud Unraveled: How Zhu Got Caught in the Web

The JPEX scandal initially erupted when Hong Kong regulators and law enforcement discovered that the unlicensed virtual asset trading platform had orchestrated a sophisticated fraud scheme. Multiple celebrities and internet influencers, including Zhu, were recruited as promoters to lure retail investors into depositing assets on the platform. The scheme resulted in substantial investor losses and sparked one of Hong Kong’s largest cryptocurrency-related investigations. As authorities dug deeper into the operation, Zhu’s central role in promoting and potentially facilitating fund flows became increasingly apparent.

Latest Charges Against Zhu: Three Counts of Money Laundering

Authorities have now formally charged Zhu with three counts of money laundering in connection with his involvement in the scheme. Having been granted bail, Zhu awaits trial as prosecutors build their case. The money laundering charges suggest that investigators believe Zhu not only promoted the fraudulent platform but also actively participated in concealing or moving illicit proceeds through the financial system.

Transaction Trail: Zhu’s Multi-Bank Financial Network Under Investigation

Court documents reveal that Zhu facilitated multiple transactions through a coordinated network of financial institutions spanning nearly three years, from late 2020 through mid-2023. Four major transactions totaling over HK$18.8 million flowed through accounts he held at several banks: ZA Bank, Mox Bank, Li & Fung Bank, and Wealth Bank. This multi-bank arrangement suggests a deliberate effort to distribute fund flows and potentially obscure the paper trail. The specific timing and amounts of these transactions form a critical part of the prosecution’s evidence that Zhu knowingly participated in money laundering.

The case highlights the growing risks influencers face when promoting unregulated financial platforms, while underscoring how cryptocurrency scams can evolve into complex financial crimes involving multiple institutions and jurisdictions.