OKEx founder released after being “investigated”, not “arrested” 22920
Madhurima Roy
Sep 12, 2018 at 3:30 PM

Star Xu, founder of top cryptocurrency exchange OKEx and OKCoin, has been released by the Shanghai police after he was arrested on Monday, on account of his alleged involvement with WFEE Coin. He was held for questioning on account of his role as a shareholder of the reported fraudulent scheme.

The release of the OKEx founder

The police couldn’t find any evidence that could establish the fact that the OKEx founder had any connection to the fraudulent case. After questioning, the police released Xu from custody. The authorities in Shanghai are reportedly passing the evidence to the authorized personnel in Beijing. However, confirmation hasn’t been received yet if Beijing will take any further legal action against the OKEx founder.

WFEE identifies the company as “the world’s first WiFi sharing eco-system based on blockchain technology designed for the globe,” striving to be the solution of “security, trust, sharing willingness and privacy issues accrued from WiFi sharing.”

What is OKEx telling about its founder?

When news regarding the apparent arrest came to light, it was reported that OKEx had raised its hands, denying involvement of any kind with its founding father's association in the fraudulent scheme. But no official announcement came in from the leading global exchange.

More news regarding the issue has surfaced, with a number of employees from OKEx dusting off the news as nothing but “fake". However, financial analyst & investor, Joseph Young, who contributes to Forbes, CCN, and Binary District, raised concerns about the claims that the news was fake.

Young mentioned this as a reply to Heslin Kim, a South Korean digital currency researcher, who handles the Twitter profile with the name of “Korean Cryptocurrency & Blockchain news".


SEE ALSO: OKEx founder gets detained in Shanghai over investment fraud

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