This situation with Websea is very similar to what happened with the JPEX exchange during Token2049 Singapore in 2023. Back then, JPEX was a platinum sponsor of Token2049 Singapore and had a massive booth at the event. On September 14, the Hong Kong Securities and Futures Commission publicly named and warned JPEX as an unlicensed illegal platform, advising investors not to use it. After the warning was issued, JPEX's booth was completely abandoned that same night, with all staff withdrawing. Shortly after, JPEX quickly announced the suspension of all new transactions (stopping new orders starting September 18), and severe issues arose with withdrawals. Ultimately, the platform effectively shut down and disappeared. This incident later escalated into one of the largest crypto fraud cases in Hong Kong's history, involving several Hong Kong influencers and KOLs as endorsers. The Hong Kong Police Force's Commercial Crime Bureau launched an investigation, leading to multiple arrests.