OKEx Founder Questioned by Authority Upon Exchange’s Withdrawal Freeze

By Emily Rys | October 18, 2020

The founder of crypto exchange heavyweight OKEx has reportedly been placed under police investigation, prior to the platform’s initiative to temporarily shut down crypto withdrawals. 

Specifically, OKEx founder Mingxing Xu – generally referred to as Star Xu – has reportedly been questioned by the authorities about a week prior to the withdrawal suspension, and has not been to work for a while. 

OKEx representatives reportedly disclosed that the crypto platform has had no affiliation with OK Group – in which Xu is taking up an executive level role – anymore, consequently having no authority to make any comments regarding the situation. 

The development reportedly surfaced not long after OKEx decided to freeze all withdrawals of digital assets across its platform on October 16th. Per the exchange, OKEx’s private key holders are working with a public security bureau in an investigation. 

“We are unable to disclose the nature of an ongoing investigation but would like to assure all OKEx users that their funds are safe and that all other functions on OKEx are unaffected.”

“As a world-leading exchange, user security is not something that OKEx can or will ever compromise on. We will do everything in our power to reinstate this service promptly and will provide updates on the matter as soon as possible.” Head of OKEx – Jay Hao – further remarked regarding the incident.

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