China has arrested the founder of one of the largest cryptocurrency exchanges

China has arrested the founder of one of the largest cryptocurrency exchanges

According to local news Agency Sina News, the Old Xu, the founder of the founder of the cryptocurrency exchange OKCoin, and the second largest in the world (in trading volume) cryptocurrency exchanges OKEx, was arrested by Chinese police on suspicion of fraud.

Xu is currently at the police station of the Shanghai Weihai Sinitsyn and will be released within 24 hours, if the evidence regarding his participation in the fraud will be unconvincing.

As reports the edition ZeroHedge, the initiator of the case of fraud were the investors WFEE Coin company, in which Xu has a share.

As ZeroHedge writes, WFEE has released its own tokens project and sell them through your website. As Xu owns shares in the company, he may be liable for any fraud associated with it.

However, according to some, the arrest of Xu is not related to the tokens WFEE.

Recall that in the summer of this year the volume OKEx increased significantly: in July the volume was 5.7 billion dollars, although in June this rate was only 2.9 billion dollars. This allowed the exchange to break into the leaders of the cryptocurrency market and to take the second place on volume of trading.

After the news about the arrest of Xu, OKEx volumes fell by almost 3%.

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