The investigation into fraud at JPEX exchange in Hong Kong has led to a negative change in attitude towards cryptocurrency assets in the region. A survey conducted on September 28 revealed that 41% of participants did not want to hold any cryptocurrency in their portfolios. This represents an increase of more than 10% compared to similar survey results from May.
Growing Security Concerns in the Crypto Industry
The recent increase in security concerns within the crypto industry, including cyber attacks and fraudulent activities targeting crypto platforms, has significantly impacted trust in the sector. Negative developments such as the bankruptcy of FTX, the collapse of TerraUSD, and fraud allegations against JPEX exchange have led to a more cautious approach among investors towards cryptocurrency assets.
The investigation into fraud at JPEX exchange in Hong Kong has also contributed to the negative change in attitude towards cryptocurrency assets. A public opinion survey conducted by the business school of Hong Kong University of Science and Technology has revealed a decline in trust towards crypto assets based on current data.
Decreasing Trust in Crypto Assets
Following the emergence of allegations against JPEX, the business school of Hong Kong University of Science and Technology initiated a new public opinion survey on September 28. The ongoing survey, which will be completed on Friday, has already attracted more than 2000 participants. The survey focuses on the participants’ approach towards crypto assets after the JPEX scandal.
Although the survey is not yet complete, it has already revealed a negative change in attitude towards crypto assets, with 41% of participants stating that they do not want to hold any cryptocurrency in their portfolios. This represents an increase of more than 10% compared to a similar survey conducted in May. Additionally, only an average of 20% of participants expressed their interest in future cryptocurrency investments.
Furthermore, the survey initiated on September 28, which is scheduled to be completed on Friday, has not yet concluded. While the previous survey conducted in May had 5700 participants, the ongoing survey has attracted 2200 participants so far. However, the current data obtained from the ongoing survey indicates a significant loss of trust in cryptocurrency assets.
