The CEO of the popular Chinese crypto exchange OKEx, Xu Mingxing is now in police custody over allegations of fraud but is not under arrest according to the police statement.
The Founder of OKEx is being investigated by the police of Shanghai because he is suspected to have done fraud against his investors. The Shanghai police are now working on the case.
Investors claim that Xu Mingixing is a primary shareholder in a company named WFEECoin but Xu was quick to deny the allegation which is why the potential fraud situation is a little confusing. The Shanghai police agreed to work on the case but they claim that the fraud might have been committed in Beijing.
A source close to the police said:
‘’The alleged fraud was not conducted in Shanghai, but in Beijing. Therefore, documents will be handed to the Beijing Police.’’
There is surveillance photos evidence that shows Xu working with higher authorities and was for the longest time possible under hold without being arrested. Some believe that this move of the Chinese authorities is a step forward in the crackdown of cryptocurrency ventures.
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China has already outlawed all ICOs and exchanges and is also banning any crypto activities that promote this technology.
OKEx was just in the headlines a few weeks ago for forcing a $400 million investment on investors after one of the traders was holding a massive portion of $400 million which couldn’t be filed upon liquidation. The exchange itself couldn’t liquidate alone so they had to take off the majority of the money leading to a massive scandal.
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