On Tuesday, September 11, local Chinese media Sina News reported that Star Xu, the CEO and founder of cryptocurrency exchanges OKCoin and OKEx, has been detained in Shanghai and taken to the local police department for investigation over an alleged fraud case.
It’s worth mentioning that the situation is still rather unclear. According to Sina News and subsequent English translations, Star Xu was questioned by investigators in regard to his potential involvement in fraudulent activity by WFEE Coin, since he is one of the company’s shareholders.
However, while some media sources claim Xu was arrested and held in custody, others report he was just assisting Shanghai p...
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