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Founder Of OKEx Crypto Exchange Detained Over Alleged Fraud

Published: 11/09/2018

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What is it for?

Star Xu, the founder of OKCoin and OKEx trading platforms, was detained by the Shanghai police due to suspicion of fraudulent scheme with WFEE coins, Sina News reports.


It is known that Xu is a shareholder in the WFEE crypto company that was claimed to be potentially fraudulent. The company has released its own tokens, but complaints began to appear after coins were sold out. It is assumed that the law enforcement officers of Shanghai detain Xu for questioning in order to understand the situation and verify information from clients.


Star Xu (source: twitter.com/starokcoin)


Most likely, Xu helps the police, since during the investigation it was revealed that his company has no connection to frauds. Investigators figured out that his company operates in Shanghai, while the WFEE tokens were issued in Beijing.


There are many photos in social networks of Xu in the Shanghai police station which demonstrate that he is not arrested and moves freely.


Other sources report that WFEE coins issue was maintained in Shanghai. Respectively, the role of Xu in this case is unclear. Opinions are divided: some believe that he will be released in 24 hours due to the lack of evidence to prove his guilt, while others think that the businessman will be kept in custody.


As previously reported, one of the Shopin blockchain company founders Eran Eyal faces imprisonment for up to 15 years because of ICO fraud suspicions.

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OKEx China OKCoin Star Xu