OKex and OKCoin Crypto Exchange Founder Star Xu Questioned for Investor Fraud Allegations

Shanghai Police Questioning Star Xu, Founder of World’s Second Largest Crypto Exchange

Shanghai police have brought in Star Xu, who has been allegedly involved in a fraudulent scheme concerning WFEE coin, of which he is currently a shareholder. Once officers found Xu, they questioned him to address the allegations.

Xu’s company issued WFEE, its native token and sold it through its website. According to Shanghai police, they received various complaints concerning the venture and its potentially fraudulent practices. Currently, authorities are investigating the matter.

Star Xu is the main person of interest. Many cryptocurrency enthusiasts know him as the founder of exchanges such as OKEx and OKCoin, which are some of the largest exchanges in the world. Given that Xu is the company’s shareholder, he can potentially be held responsible for any of the company’s fraudulent practices.

There has been some pushback concerning Xu’s involvement. In one statement released by an anonymous source:

“[t]he WFEE team’s exact location seems to be in Shanghai. As such it makes little sense for them to defraud investors through a Beijing subsidiary. The exact nature of Star Xu’s involvement remains unclear at this time. He is expected to be either released or remain in custody after the initial 24-hour period expires in a few hours.”

News of Xu’s arrest has led to ripples in the community and additional uncertainty concerning the currency’s direction.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $217.11B $12,209.1023 21.39% $19.23B
ETH $34.59B $324.3287 14.04% $5.55B
XRP $19.46B $0.4571 3.96% $1.27B
BCH $8.23B $460.7776 8.01% $561.02M
LTC $7.98B $127.9348 2.24% $1.56B
EOS $5.9B $6.4043 4.51% $1.59B
BNB $4.9B $34.7280 -0.07% $298.65M
BSV $3.76B $210.5224 2.82% $259.53M
USDT $3.51B $0.9823 -0.22% $14.34B
ADA $2.53B $0.0977 7.03% $254.62M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.