OKEx founder Xu Star arrested on suspicion of investment fraud

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The founder of the cryptocurrency exchanges OKex was taken into custody by the police of Shanghai, on charges of involvement in a fraudulent scheme relating to the issuance of coins in WFEE. Since Xu is the shareholder of this company, which is recognized as potentially fraudulent, he was interrogated by the police to clarify the situation.

Star Xu and coin WFEE

Given the huge number of fraudulent schemes in the world of cryptocurrencies, police intervention and arrests of suspects is quite common. In the case of WFEE, the company issued its own tokens, which were sold through the website. From investors were received numerous complaints in relation to the fact that the company is potentially fraudulent. Currently, the police forces of Shanghai were engaged in an official investigation into the matter.

One of the people representing the interests of WFEE, was the Star Xu. Cryptocurrency enthusiasts know him as the founder of the famous kryptomere OKCoin and OKEx. Police said that, as a shareholder WFEE, it may be involved in fraudulent activities of the investment scheme.

However, in the course of the investigation it was proved that Xu in Shanghai is irrelevant, as the issue of tokens, as his business is located in Beijing.

The involvement is not yet proven

Team WFEE is in Shanghai. So they did not need to cheat investors using a subsidiary company in Beijing. The exact degree of participation of Star Xu in this project is still unknown at this point. It is expected that he will either be released or remain in custody after the expiration of the initial 24-hour period that ends after a few hours.

These new events cause some disquiet in the world of cryptocurrency. Given the current state of the stock market, such a shaking, touching the head of one of the largest cripture is the last thing we need to cryptologist.

However, if participation in the Star Xu in a fraudulent investment scheme is proved, he will have to pay dearly for these actions. But until proven, it may well be that he just happened to be involved with the company, not having a clue about their criminal intentions.

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Tags: OKEx WFEE

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