Update: The article previously said that Xu was arrested. However, a more precise translation of the article is that he was ‘taken away by police’. We have updated the article to reflect this.
The founder of OKEx, Xu Mingxing, has been taken away by police according to local reports.
As Decrypt reported, the exchange suspended withdrawals today, apparently because police are talking to “key holders,” it said in a statement.
“One of our private key holders is currently cooperating with a public security bureau in investigations where required,” the company said in its statement, adding, “We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.”
This is not the first time that Xu has spoken to police. In September 2018, he co-operated with authorities over accusations of fraud regarding a small-cap cryptocurrency.
OKEx is one of China’s three biggest exchanges, with more than $6 billion in daily trading volume.
This story is breaking and will be updated shortly.
Published at Fri, 16 Oct 2020 09:32:51 +0000