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New Details On Reasons Of OKEx Crypto Exchange Founder Arrest Emerge

Published: 13/09/2018

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Shanghai police released the founder of the OKCoin and OKEx crypto trading services Star Xu, who was in the police department during 24 hours where he helped to investigate the case of the alleged fraud with bitcoin futures on the OKEx exchange, CoinDesk reports citing Chinese publications.


The Chinese business media portal Caixin informs that Xu personally called the police department of Shanghai late in the evening on September 10 (Chinese time), after a group of angry OKEx investors found the hotel where he stayed and invited him for the personal conversation. The Shanghai law enforcement officers detained all participants of the event to clarify the circumstances.


Next morning another group of investors came to the police and provided evidence of fraud on the stock exchange, which led to funds losses. They accused OKEx of trumping-up a system malfunction, which resulted in the liquidation of their bids on bitcoin futures when the value of the digital asset was low and the exchange was not available.


Another Chinese business media, Cailian Press, reported that all materials in the case were transferred to the Beijing police. There is no official information about investors yet, but the OKEx representatives called them "a gang intimidating Xu" and reported that they were arrested. The company also noted that the businessman currently does not represent the interests of the OKEx exchange founded by him, since it left the OK Group, which is now under the Xu management.


Meanwhile, OKCapital decided to belatedly publish a denial of the rumors that Star was related to the WFEE Coin cryptoсurrency startup. The representatives of the company said that Xu had nothing to do with the project, and added that they had previously warned depositors about possible risks. This refutation concerns news based on preliminary information about Xu arrest reasons. Later, investors denied this information. 

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