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Founder of Crypto Exchange OKEx Allegedly Detained on Crypto Fraud Charges in China

The founder and CEO of OK Group, photographs of Star Xu, the parent company of crypto exchange OKEx, being investigated by Shanghai police circulated around online cryptocurrency communities.

CNLedger, a trusted news source in the Chinese cryptocurrency community, reported that Xu was investigated by police officers in Shanghai after investors submitted complaints regarding a local cryptocurrency called WFEE. Investors claimed that Xu was a shareholder of WFEE and involved in the process of releasing the WFEE coin to the market.

CNLedger reported that “Sina News: Star Xu, founder of OKCoin/OKEX, is being investigated by Shanghai police. According to Lu Jun, an officer at the local PD, Xu was suspected of fraud accused by investors. SH police have accepted the case. Preliminary investigation by Shanghai police shows that Xu’s company in Shanghai is not related to digital currency. The alleged fraud was not conducted in Shanghai but in Beijing, therefore documents will be handed to Beijing police.”

The OK Blockchain Capital team said “The rumor that OK Group founder Star Xu being a shareholder of WFEE is fake. Mr. Xu has no equity relationship with WFEE and its company. We notice that the OKEx exchange has warned its users of the potential risk of WFEE last month and disclosed WFEE in their first OKEx Token Delisting / Hiding Guideline,”

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