Breaking: OKEx Founder Reportedly Arrested by Police

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In Brief
  • OKEx founder Star Xu is reportedly in police custody.

  • OKEx forced to disable withdrawals on the platform.

  • Bitcoin price in danger of falling below $11,000 amid OKEx investigation.

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The internal imbroglio currently affecting the OKEx crypto exchange platform has taken another turn with reports of the company’s founder in police custody.

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According to a report by Chinese media outlet Caixin, on Oct. 16, inside sources at the exchange say police arrested OKEx founder Star Xu earlier in October. Xu has reportedly failed to appear for work in the last few days.

As previously reported by BeInCrypto, OKEx abruptly shuttered withdrawals on its platform on Oct. 16. The news came without any prior warning, tanking the price of Bitcoin (BTC) in the process.

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Xu’s reported arrest likely confirms speculations of internal problems within the exchange. OKEx CEO Jay Hao in a post on Chinese social media platform Weibo revealed that private key custodians at the platform were having “personal problems.” According to Hao’s message, the issues did not affect the operations of the company and that user funds remained safe.

Back in Sept. 2018, Shanghai police detained the OKEx founder for questioning about his suspected involvement with the WFEE Coin scam.

Bitcoin is currently down more than 2% in the wake of the news of the OKEx founder in police custody and the platform being under investigation. The decline constitutes further downward pressure for BTC after facing rejection at the $11,500 price mark.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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