Technology

OKEx Founder Released from Custody and Denies Fraud

Yesterday, it was announced that OKEx founder Star Xu had been taken into police custody for fraud allegations. If no substantial evidence was found, Xu would be released from custody in a 24-hour period.

According to local news reports, Xu has been released and isn’t pleased.

OKEx Founder Strikes Back

“I have no fictional facts, concealing the truth and defrauding anything, and there is no fact of ‘fraud.’ After I explained it to the police, I left the police station normally,” Xu told the local news outlet, Honeycomb Finance.

Xu faced problems at his hotel from a group of ‘investors’ allegedly linked to the WFEE Coin. WFEE Coin is the blockchain Wifi sharing project that police are alleging that Qu held shares in.

The alleged illicit activity in WFEE led those affected to seek the local authorities, which caused Xu to be brought in for questioning.

Xu explained the situation to Honeycomb Finance by saying:

“Any citizen who has accused you of fraud, theft, robbery or beating can report the case to the police. The police also have the right to ask you to go to the public security organ to explain the situation. This is normal.”

While this arrest had nothing to do with Xu’s OKEx, local news sources are starting to question the activity in the crypto exchange itself.

OKEx Spotlighted

A local news source recently reported that many investors are now questioning the business tactics behind OKEx. On September 5th, the price of Bitcoin allegedly fell from RMB 50,000 to 43,000 overnight, and the trading platform just happened to have a ‘downtime’ simultaneously.

>> Huobi Global Buys Large Chunk of BitTrade

“The person encountered a sinister situation such as a stagnation, no display of the transaction, no display of the position, no display of the balance of the contract wallet, and was forced to explode,” the local news report read.

There have been several similar instances throughout the year that investors are claiming, and they believe there are artificial malicious operations behind them.

OKEx remains the second-largest cryptocurrency trading platform by its total daily trading volume.

Featured Image: Depositphotos/© shalunx13

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