On the evening of 10th September, Chinese local media, Sina News reported that Star Xu, the Founder of OKeX, a global Bitcoin [BTC] exchange, was suspected to be brought in by the Shanghai police for questioning. A reporter later confirmed the same on the next day from the Shanghai Weifang Xincun Police Station.
According to the report, the police stated that Star Xu was taken in for questioning to assist them in the suspected digital currency fraud by the company named WFee which is a decentralized WiFi sharing ecosystem based on the blockchain technology.
The action was taken following several complaints registered by investors who alleged WFee of digital fraud. Lu Jun, Superior at the local Police Department stated that the police have taken up the case and have begun investigating.
The media further stated that Xu will be taken to the detention center if the case against him is proved to be true. However, if the evidence is insufficient he will be released within a 24-hour window after the arrest was made.
The initial investigation of the case revealed that Xu’s company did not have links to the illegal activity. However, it said, the investors argued that Xu is a shareholder in the fraudulent company.
Reports also stated that the officers from the Shanghai police department who are on the case will be handing over the findings to the Beijing police. The police believe that the supposed fraudulent activity took place in Beijing.
Latest reports reveal that the authorities have released Star Xu due to lack of evidence.
Twitterati Whale Panda tweeted his opinion:
“This would be major news… if China was still relevant and if OKCoin was still relevant for Bitcoin. It isn’t.”
Another Twitterati Rolf said:
“OKex is still very much relevant, with some pretty big whales and positions that have noticable influence on the market.”
The post OKeX CEO Star Xu released post the arrest by Shanghai police appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: OKeX CEO Star Xu released post the arrest by Shanghai police
