OKEx-founder because of fraud alleged by police questioned

Star Xu, founder and CEO of the crypto-exchange, OKEx, has been arrested in Shanghai temporarily by the police. To the competent authorities, he declared himself to allegations of fraud and price manipulation against its stock market. Meanwhile, Xu is again on the loose, questions about his determination to stay, however.

How to Chinese media reports, the OKEx-founder and CEO at 10. September in Shanghai, was detained. On a local police station, the officers asked him then to the against the crypto-exchange allegations. First and foremost, it was to gather first-hand information about what is going on in the Exchange, and whether or how the CEO is involved in possible illegal activities.

Conflict of interest between OKEx and WFee?

The content of the survey, the commitment of Xu and OKEx for the crypto-Token WFee. The Token is part of a project to develop a WiFi-Sharing-Ecosystem on the Blockchain. Star Xu is declared to be involved in the project. The question is, how strong the crypto stock exchange is a Coin and humor. According to Xu no connection between his two companies, however, the WFee is listed tokens since March, 2018 on the stock exchange. Thus, OKEx was the first crypto exchange, which began with the Coin in their Canon.

The authorities, sensing a possible conflict of interest for Star Xu, the results from the double Involvement. This includes charges of other WFee investors. The assumption that Xu had operated on the stock exchange price manipulation of the WFee-Tokens. Xu himself speaks, however, of them, to be freely in contact with the police force to support them with his statements. 24 hours after his determination, he was free again. The case, together with the previously collected data, will be handed over to the police station in Beijing.

Climb to the second-largest crypto stock exchange

The crypto trading platform OKEx had founded Star Xu already in 2014 under the name of “OKCoin” in the people’s Republic of China. In the Wake of the state-enforced “voluntary” closure of the Chinese crypto exchanges a year ago, OKCoin has moved under the name of OKEx to Hong Kong. There, she rose from behind the Hong Kong competitors Binance – the second – largest crypto trading platform.