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OKEx founder reportedly under investigation as exchange suspends withdrawals

OKEx founder reportedly under investigation as exchange suspends withdrawals

The founding father of main international cryptocurrency alternate OKEx has been reportedly questioned by authorities earlier to OKEx suspending cryptocurrency withdrawals.

OKEx founder Mingxing Xu, also referred to as Star Xu, has reportedly been questioned by the police, Chinese language information company Caixin reported on Oct. 16. Based on the report, the exec was investigated “a minimum of per week in the past” and has additionally been absent from work for some time.

When approached for touch upon Xu’s participation in a police inquiry, OKEx instructed Cointelegraph that the alternate is now not affiliated with OK Group, the place Xu is a senior government, and due to this fact was not ready to touch upon his actions. 

The information comes shortly after OKEx suspended withdrawals of crypto belongings on its platform on Oct. 16. Based on the alternate, OKEx’s non-public key holders are cooperating with a public safety bureau in an ongoing investigation. The alternate instructed Cointelegraph:

“We’re unable to reveal the character of an ongoing investigation however want to guarantee all OKEx customers that their funds are secure and that each one different features on OKEx are unaffected.”

OKEx CEO Jay Hao stated that the choice to quickly droop withdrawals was taken “with person safety in thoughts,” stating: 

“As a world-leading alternate, person safety will not be one thing that OKEx can or will ever compromise on. We’ll do every thing in our energy to reinstate this service promptly and can present updates on the matter as quickly as doable.”

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