Media: the police released the founder of the exchange OKEx without charge

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The detainee on the eve of the Shanghai police, the founder of the exchanges OKCoin and OKEx Old Xu, is alleged to have helped the investigation in the investigation of complaints of investors in cryptocurrency company WFEE. It is reported by CoinDesk, citing a local newspaper.

On 11 September, the number of Chinese media published the news that the Old Xu was detained by law enforcement agencies in connection with investigation of fraud by the allegedly related to the company WFEE.

The representative OKEx Andy Cheung said on Twitter that, in fact, Xu called the police for help when a group of victims of fraud have found it in Shanghai with the aim of further proceedings.

Regarding Star Xu”s News:

1. As far as I know, the Star called the police for help when he was surrounded by a group of people in Shanghai. The police arrived on the scene and invited all of them to the police station.

— Andy Cheung OKEx (not giving away OKB) (@AndyC0125) 12 Sep 2018

The police took everyone to the station to clarify, and then let the founder of OKCoin and OKEx without charge. Andy Cheung also said that the Old Xu at the moment is not related to OKEx.

It is noteworthy that on the same day, a few customers OKEx appealed to the Shanghai police Department. They reported that on 5 September, in the period of falling prices first cryptocurrency to their position on the exchange for bitcoin futures were forcibly liquidated.

Due to a failure in the work of the platform, which were not warned users, investors are unable to close positions on their own, which led to financial losses. At the same time, the publication CoinDesk press Secretary OKEx said that the company was not aware of the problem incident.

Soon the Twitter account of venture Fund Capital Blockchain OK (OKBC) and part-time partner OKEx appeared a series of tweets that shed light on the situation. In particular, the Foundation has denied any connection with the old Xu company WFEE.

The rumor that OK Group founder Xu Star being a shareholder of WFEE is fake. Mr. Xu has no equity relationship with WFEE and its company.

OK Blockchain Capital (@OKCapital_) 12 Sep 2018

It is known that OKBC together with a group of venture capital investors has acquired the startup WFEE. Soon, however, WFEE changed the original white paper, the representatives of the OKBC was not notified.

OK Blockchain Capital, said that at the moment is not involved in the project WFEE and is not responsible for the performance of the company.

In another tweet OKBC reported that last month OKEx held a delisting token WFEE and warned users about the risks associated with the company.

We notice that the OKEx exchange has warned it users of the potential risk of last month and WFEE WFEE disclosed in their first OKEx Token Delisting / Hiding Guideline.

Investing and trading digital assets is risky, we kindly remind clients to please be cautious and rational.

OK Blockchain Capital (@OKCapital_) 12 Sep 2018

The case of WFEE was sent to the Beijing police Department.

ForkLog previously reported that the California office of business oversight and the Commission on securities and exchange Commission (SEC) received a list of complaints about the cryptocurrency company Coinbase. Most often, customers of platform mentioned the unexplained disappearance of money from the accounts and the absence of reaction on Coinbase claims traders

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