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OKEx founder reportedly under investigation as exchange suspends withdrawals

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

OKEx founder Mingxing Xu, typically generally known as Star Xu, has reportedly been questioned by the police, Chinese language language info firm Caixin reported on Oct. 16. In response to the report, the exec was investigated “not lower than per week previously” and has moreover been absent from work for a while.

When approached for contact upon Xu’s participation in a police inquiry, OKEx knowledgeable Cointelegraph that the alternate is no longer affiliated with OK Group, the place Xu is a senior govt, and subsequently was not in a position to contact upon his actions. 

The knowledge comes shortly after OKEx suspended withdrawals of crypto belongings on its platform on Oct. 16. In response to the alternate, OKEx’s personal key holders are cooperating with a public security bureau in an ongoing investigation. The alternate knowledgeable Cointelegraph:

“We’re unable to disclose the character of an ongoing investigation nevertheless want to assure all OKEx prospects that their funds are protected and that each one totally different options on OKEx are unaffected.”

OKEx CEO Jay Hao talked about that the selection to briefly droop withdrawals was taken “with client security in ideas,” stating: 

“As a world-leading alternate, client security is simply not one factor that OKEx can or will ever compromise on. We’re going to do each factor in our vitality to reinstate this service promptly and may current updates on the matter as shortly as attainable.”


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