Police have been investigating JPEX since September 2023 after the city's securities regulator accused the platform of "suspicious" activities and promoting its products without a licence.
Since then, 80 individuals have been arrested, with 16 already charged over offences including "conspiracy to defraud", police said Wednesday, adding that the rest remain under investigation.
It was the largest fraud scheme in Hong Kong in recent years, in terms of both the number of victims and the amount of losses incurred, police told a media briefing.
They added it was the first proscution for fraudulently inducing others to invest in virtual assets since Hong Kong introduced the legislation in 2023.
Police described the case as "very complex" and identified at least 14 individuals as core members.
More than 2,700 reports related to the case have been received by the police, with the total amount involved reaching HK$1.6 billion ($206 million).
They had also frozen assets worth more than HK$200 million from the suspects.
Chief Superintendent Ernest Wong said police "will continue our investigation" and "cannot eliminate the chance that we will prosecute or further arrest more people in the future" when asked by AFP.
Two of the "masterminds" and one core member had fled overseas, police said, adding Interpol red notices have been issued for them.
JPEX used extensive advertising campaigns touting high returns and low risks, and promoting online influencers to attract investors to deposit funds, according to the police.
The group then transferred the deposited assets and laundered them through cryptocurrency wallets.
Those arrested include social media influencers who allegedly assisted in the promotion and holders of dummy bank accounts.
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