Star Xu, the founder of world’s second largest cryptocurrency exchange, was arrested by Shanghai police for alleged involvement in a fraudulent act of WFEE coin.
The Reason For Star Xu’s Arrest
Star Xu is a prominent investor in the cryptocurrency community, known as the founder of the second largest cryptocurrency exchange in the world, OkEx and the CEO of OkCoin. OkEx was founded in 2014 and has the most significant, second largest cryptocurrency trading volume in the world.
Some members of the cryptocurrency community reported WFEE coin to have been used in carrying out a fraudulent act. The report was made to Weifang Xincun police station.
Star Xu is a prominent shareholder of the WFEE coin; this makes him a prime suspect in the investigation of the alleged fraudulent act.
This prompted the Xincun police station to issue an arrest warrant. At the time of compilations of this report, details of the fraudulent activities are not yet known, and Xu is in the custody of the police.
The Xincun police will cross-examine Xu pending his release in the next 24 hours for evidence and details concerning the fraudulent act.
However, there are claims that the fraudulent act, using WFEE coin, was carried out by the Beijing branch of the firm. While in contrary the WFEE team is located in Shanghai. Though the crime isn’t directly linked to him, however, he is related to it as a virtue of being a significant shareholder. More details on this will be reported as the case continues.
About WFEE Project and its Cryptocurrency
WFEE is the world’s first WiFi sharing eco-system based on blockchain technology designed for its global users. It is meant to solve security, trust, sharing willingness and privacy issues accrued from WiFi sharing based on blockchain smart contract. Users could enjoy convenient, free and efficient online environment via WFEE.
Notable investors are; LinkVC, Star Chain Capital, and Ray Venture.