RATE Group | OKEx Founder Detained By Chinese Authorities over Fraud Allegations
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OKEx Founder Detained By Chinese Authorities over Fraud Allegations

12 Sep OKEx Founder Detained By Chinese Authorities over Fraud Allegations

Posted at 01:30h in Ethereum News by

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On the 11th of September, and according to China’s local news outlet Sina News, Star Xu, the founder of the cryptocurrency exchanges of OKEx and OKCoin, was arrested by Shanghai Police Officials. Xu was allegedly involved in a fraudulent scheme regarding WFEE coin. Xu,, being a shareholder of the firm behind the project, was detained and put through a round of questioning to get to the bottom of the rumors that it is a scam.

cnLedger, a Chinese crypto and Blockchain news outlet, also reported the news via twitter as follows:

Star Xu, founder of OKCoin/OKEX, is being investigated by Shanghai police. According to Lu Jun, officer at the local PD, Xu was suspected of fraud accused by investors. SH police has accepted the case.

After intense question, Star Xu’s company was found not related to the alleged scheme. cnLedger would update the development as follows:

Preliminary investigation by Shanghai police shows that Xu’s company in Shanghai is not related to digital currency. The…

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