**[Update on JPEX Fraud Case: Prosecution Applies to Transfer First Batch of 8 Defendants to Hong Kong High Court for Trial]** BlockBeats News, November 9 – According to Hong Kong media reports, police have been investigating the cryptocurrency trading platform JPEX for alleged fraud. So far, 16 individuals have been charged, with one having already appeared in court earlier. The remaining 15 individuals are charged with conspiracy to defraud, money laundering, obstruction of justice, and offenses under the "Anti-Money Laundering and Counter-Terrorist Financing Ordinance," including "fraudulently or recklessly inducing others to invest in virtual assets." Yesterday afternoon, these cases were brought before the Eastern Magistrates' Court, and the 15 defendants are temporarily not required to enter a plea. The prosecution has applied to transfer the case involving the first batch of 8 defendants to the High Court for trial, with the next hearing scheduled for December 15. Among the first batch of 8 defendants, former artist Cheng Chun-hei's bail application was rejected by the court, and he remains in custody. The other 7 defendants were granted bail pending trial, including influencers Lam Tso and Chan Wing-yee, who were each released on bail of HK$300,000. Lam Tso is charged with one count of fraud and one alternative charge (namely "fraudulently or recklessly inducing others to invest in virtual assets"). The charges allege that between July 8 and September 12, 2023, he falsely represented or allowed others to make false statements to induce others to sign agreements related to acquiring, disposing of, subscribing to, or underwriting virtual assets, thereby committing fraud or making false statements recklessly. The prosecution stated that Lam Tso allegedly had the ability to successfully withdraw assets from JPEX, possessed internal information about JPEX that was not accessible to ordinary investors, and claimed that investing in specific virtual assets through JPEX could yield a certain percentage of returns.