Breaking: OKEx Founder Allegedly Detained On Crypto Fraud Charges

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Breaking: OKEx Founder Allegedly Detained On Crypto Fraud Charges

Posted on September 11th, 2018 in Blockchain News by Ryan Warner

The founder of exchange services provider OKCoin and the world's second largest crypto exchange, OKEx, Star Xu has allegedly been detained in China on cryptocurrency fraud allegations. This was reported by local news outlet Sina News, September 11.

Sina News is reporting that Xu is currently being held in the Shanghai Weifang Xincun police station, and will be, reportedly, released with 24 hours if there is insufficient evidence found of his participation in the suspected fraud.

A complaint from investors in WFEE Coin (Reported by ZeroHedge), a company that Xu is a shareholder in, complained about the company's allegedly fraudulent practices which prompted officials to bring Xu in for questioning.