The Eastern Magistrates’ Courts in Hong Kong heard the JPEX cryptocurrency fraud case on Monday, when the prosecution asked and received permission to adjourn the case until March 16 to allow time to organize the case files.

Magistrate Minnie Wat Lai-man granted seven of the eight defendants continued bail under their original conditions, while the eighth defendant did not apply for bail and was remanded in custody.

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Hong Kong's burgeoning cryptocurrency landscape has been embroiled by the unfolding JPEX case — the city's largest alleged financial fraud to date. More than 2,700 people have reported being victims of JPEX, with total losses exceeding HK$1.6 billion ($206 million).

The Police Commercial Crime Bureau on Nov 5 arrested 16 people, six of which are accused of being core members of the JPEX criminal gang.

READ MORE: HK, Macao police conduct joint operation over JPEX fraud

Police invoked for the first time the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, updated in 2022, to prosecute the eight individuals with charges of committing conspiracy to defraud, committing fraud, inducing others fraudulently or recklessly to invest in virtual assets, and dealing with property known or believed to represent proceeds of an indictable offense.

Among those charged are Joseph Lam Chok, a barrister-turned-insurance agent-turned-crypto influencer; YouTuber Chan Wing-yee, known as “Chan Yee”; former Television Broadcasts (TVB) artist Cheng Chun-hei; as well as a number of over-the-counter trading house operators and influencers.

READ MORE: SFC to list suspicious platforms in wake of JPEX scandal

The JPEX scandal emerged in September 2023 after the Hong Kong Securities and Futures Commission said the platform is suspicious and declared it unregulated. The police intervened, and 80 people have been arrested in connection with the case since then. The Hong Kong Police Force has frozen assets totaling approximately HK$228 million, including bank-account balances, cash, gold bars, luxury cars, and virtual assets.

Interpol has also issued a Red Notice for three men believed to be key players in the JPEX case who have fled the city — Mok Tsun-ting, 27; Cheung Chon-cheng, 30; and Kwok Ho-lun, 28, police said.