Crypto Exchange OKEx Founder & CEO Star Xu has been detained due to fraud allegations

OKEx the world’s second-largest crypto exchange and exchange business OKCoin Founder & CEO has been brought in by authorities for questioning.
There have been allegations made against Star Xu for potential involvement in a fraudulent scheme, relating to WFEE Coin, where he is a listed shareholder

Ken Chigbo Independent Analyst

Mr Star Xu is the founder and CEO of both OKCoin and the world’s second largest crypto exchange OKEx, has been detained by authorities for allegations of fraud. This was being reported by local newswire Sina News.

It was being reported that a company where XU is a shareholder, WFEE Coin, its investors had made complaints to the authorities, about the organization’s alleged fraudulent practices, which as a result forced police to detail Star Xu for questioning.

Sina News in China covered the following: Star Xu, founder of OKCoin/OKEX, is being investigated by Shanghai police. According to Lu Jun, officer at the local PD, Xu was suspected of fraud accused by investors. SH police has accepted the case.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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