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.

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