OKCoin CEO Helps Chinese Police in Investigation
September 12, 2018 12:41 pm
Chinese cryptocurrency exchanges OKCoin and OKEx’s CEO, Star Xu is in police custody for an investigation of fraudulent activity. According to the report, the CEO is currently is helping officers in Shanghai investigate fraudulent activity as a part of the WFEE coin, where Xu is also a shareholder.
Various photos of Xu on social media shows that he was at the Shanghai police station. He was moving free and had no signs that the police had arrested him.
Tweets from cnLedger translated the source material. The material consists of reports which stated Xu’s Shanghai-based company had no links to illegal activities.
The translated material said:
“The alleged fraud was not conducted in Shanghai, but in Beijing, therefore documents will be handed to Beijing police.”
The investors also argued that the team behind the WFEE coin was based in Shanghai and Xu is a shake holder of WFEE coin. The police have started investigating from September 10 with the help of Xu.
Recently, Crypto scammers in China were arrested for being involved in a crypto-related fraud worth $47 million. Six individuals from China established a company called PEB. The company issued a token which is named Pu’er coin. These individuals scammed more than three thousand investors throughout the token issue process.