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OKEx Founder ‘Star’ Xu Named as Key Holder in Police Custody: Report

Daniel Palmer
·1-min read

A founder of the OKEx cryptocurrency exchange is being held by police, according to Chinese news source Caixin.

  • In a report on Friday, Caixin said it spoke to two individuals close to OKEx who indicated that Mingxing “Star” Xu, had been taken by police at least a week ago and hasn’t been seen since.

  • The report isn’t clear exactly where this occurred, however OKEx has a headquarters in Hong Kong, while being officially based in Malta.

  • The report also doesn’t indicate why police are holding Xu.

  • The news comes soon after CoinDesk reported earlier on Friday that OKEx has suspended cryptocurrency withdrawals citing the absence of an unnamed holder of the exchange’s private keys.

  • While the notice did say the individual is “cooperating with a public security bureau in investigations,” OKEx CEO and co-founder Jay Hao said on Weibo that the issue is over a personal matter and wouldn’t affect the business.

  • Xu was held by police as part of a fraud investigation back in 2018, but was not arrested.

  • As the news broke, cryptocurrency prices took a dive, with bitcoin dropping around 3% in half an hour.

Also read: OKEx Suspends Withdrawals, Says Key Holder Not Available Due to Cooperation With Investigation

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