According to Sina News, the founder of OKEx, one of the world’s largest crypto money exchanges, was taken into custody by police in Shanghai and charged with fraud by the Shanghai police.
In a preliminary inquiry by the Shanghai police, Xu’s company in Shanghai was not related to digital money. The alleged fraud was done in Beijing, not in Shanghai, and for this reason, the documents will be handed over to the Beijing police. However, several investors have bought it, arguing that the team behind WFEE Coin, the subject of fraud, is in Shanghai and that Xu is a WFEE shareholder. The Shanghai police released Xu three hours before the 24 hour limit of detention. According to the information on the official website of OKEx, WFEE is a decentralized WiFi sharing ecosystem based on Blockchain technology. OKEx was the first crypto money market to list WFEE. OKEx is the second largest stock exchange after Finance with a trading volume of approximately $ 700 million.
Xu’s various photos taken at the Shanghai police station infiltrated the social media, but none of the photos show that he was arrested as a handcuffed or suspicious person. According to the claim of cnLedger Twitter account, the result of the preliminary investigation by the police officers of Xu’s Shanghai-based company has nothing to do with the illegal activity.
Police released Xu on September 10th to help with the investigation and released a maximum of 24 hours, the maximum time of detention, for three hours. The OKEx crypto money market is the second largest crypto money market in the world, closely following the Finance stock exchange in terms of trading volume.
