Hong Kong judge ruled that the plaintiff in the JPEX case won the case and was awarded 240,000 USDT or 1.85 million Hong Kong dollars, saying that ac

the "Green Stone Digital Asset Platform" (JPEX) is suspected of violating regulations in promoting and operating in Hong Kong. The first civil claim case has two plaintiffs filing a claim against JPEX Group and 7 other defendants for a total of 240,000 Tether or 1.85 million Hong Kong dollars. One of the defendants, JPEX, a registered company in Hong Kong, was absent from the hearing last month. Judge Zhou Zhaowen issued a judgment yesterday, stating that the company, as an operator, had assets and constituted an express trust but violated its responsibilities. In particular, the case of the first plaintiff was strong, so the company should compensate the two plaintiffs as requested. According to the plaintiff's statement, as the first defendant of JPEX, a registered company in Australia, and the second defendant, they operated JPEX's virtual asset services and electronic platforms. The plaintiffs personally or in their own names deposited virtual currency in the platform. The plaintiffs requested that the court rule that the second defendant violated good faith and/or restructure and repay the debt. The judge stated that in many jurisdictions that exercise common law, including Hong Kong, the court accepts that cryptocurrency is "property" and can form a trust. The judge recognized that the first two defendants operated a cryptocurrency trading platform, and the platform recorded the currency flowing between accounts, with trust beneficiaries and various agreement terms. Therefore, the second defendant, as a trustee, violated his responsibilities and transferred assets without authorization. The judge believed that the court must approve the application for assistance to fulfill justice and order the second defendant to pay 120,000 yuan in litigation fees.