Founder OKEx out and denies allegations of fraud

Founder OKEx out and denies allegations of fraud

The founder of one of the largest cryptocurrency exchanges OKEx, Old Xu left the police station less than a day after his arrest.

According to numerous local media reports, Xu was detained because of a project WFEE Coin.

At the same time, alternative sources in China said the detention is connected directly with OKEx, namely failures in the system of exchange which group of traders has lost about 300 million yuan. People say that it was a planned “failures” and seek damages.

Cointelegraph edition referring to own sources in China confirms the version with OKEx.

Meanwhile, local media Jiemian, reports that seven of the three hundred investors who allegedly “suffered heavy losses” on OKEx, already settled the issue with Swim and have no more claims to the exchange.

In an interview for Honeycomb Finance Xu also rejected allegations of fraud.

I came to the police station to explain the situation, and prove to the police that I’m not a cheater.

Commenting on the loss of some users OKEx Xu said that is not a Director of the company and cannot act on her behalf, but noted that the failure actually took place. He also advised ordinary investors to refrain from trading with leverage, since this tool is intended for professional investors.

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