Topic: OKEx Founder Star Xu Arrested by Shanghai Police. Bitcoin price will be collapse (Read 214 times)

Is this another round of fear-mongering for potential bitcoin investors? Star Xu was not arrested but rather taken into custody for questioning and consultation by the Shanghai Police. Also, isn't any news from China not relevant on bitcoin nowadays? No matter how 'severe' the news looks, if it came from China, probably people would just shake it off and continue doing what they're doing with bitcoin. It all started with their crazy regulation bans and lifts that the world doesn't seem to care at all after the series of on-off drama.

This will not affect the price of bitcoin negatively, and would just be ignored while people take profits and take losses in the market.

The market isn't reacting to this news at all, we've been in a downtrend for a quite a while. Bad news? this is coming from China, and as far as I know, news from China no longer have an impact in the btc price. If something comes up during the investigation, then perhaps there could be some movement downward, but nothing major.

5k next week? stop spreading FUD, newbie.

I heard that he was released, this is not an arrest, just a consultation from the Shanghai police.
What I am most sad is that whenever Bitcoin prices increase, there is bad news, I really do not understand 

Whether true or not, this news will certainly affect the bitcoin market has decreased significantly. And it can be felt today that the crypto market is turning red, especially ETH.

Whether they are just questioned by the police or whether they are really arrested is for me the same thing. From the moment the police have the slightest suspicion on them it is a bad sign. I almost opened an account on Okex, I'm glad I did not do it. It's sad for all those who have money on this exchange. There is no smoke without fire is a French expression.

My thoughts exactly. If they had anything on him they would have just arrested him and charged him not questioned him and released him again. this won't affect the price of btc at all because for starters even if he was to be charged it doesn't mean OKEx will be closing down because it is an unrelated matter to the exchange.

I don't think it is a clickbait thread. Star Xu was initially taken to custody over the investment fraud and later arrested since police found gaps in his statements. So the final news is that, he has been arrested.

Expect worse time for crypto market and specially bitcoin. Because OKEx was one of the highest grossing exchanges in crypto space even though a certain percentage of it can be called fake. It was a least expected news at this troubled time! But cheaters and frauds has to pay price for their misdeeds.

Better source:

CHINESE POLICE HOLD OKCOIN CEO FOR ‘INVESTIGATION’ OVER ALLEGED FRAUD LINKS

The CEO of Chinese cryptocurrency exchanges OKcoin and OKEx is in police custody over alleged fraud, local media report September 11.


As multiple sources on social media claim in addition to Sina News, Star Xu is currently assisting officers in Shanghai investigate fraudulent activity on the part of WFEE coin, of which he is a shareholder.

Various posts show photographs of Xu at a Shanghai police station, albeit seemingly free to move and without signs he is under arrest.

According to Twitter resource cnLedger which translated the source material, a preliminary investigation concluded Xu’s Shanghai-based company did not have links to illegal activity.

“The alleged fraud was not conducted in Shanghai but in Beijing, therefore documents will be handed to Beijing police,” it confirms.

However, several investors argued that the team behind the WFEE coin which they purchased was based in Shanghai, and Xu is WFEE’s shareholder.

View image on TwitterView image on TwitterView image on TwitterView image on Twitter


@cnLedger
 Sina News: Star Xu, founder of OKCoin/OKEX, is being investigated by Shanghai police. According to Lu Jun, officer at the local PD, Xu was suspected of fraud accused by investors. SH police has accepted the case.


NO BIG DEAL?
Police took Xu September 10 to help with the investigation, with the maximum custody limit of 24 hours due to run out at 10 pm local time Tuesday.

The move comes amid an ever-tightening regulatory stranglehold over cryptocurrency activity in China. In August, Bitcoinist reported on how a fresh tranche of offshore exchanges would be added to the country’s Great Firewall in a bid to stop any form of cryptocurrency trading. Certain activities classed as “promotional” were also subject to a crackdown.

Like many international exchanges this year, OKEx has pursued an aggressive expansion policy, in July signing a deal with the Malta Stock Exchange to launch a tokenized securities platform.

Outside China-focused circles meanwhile, news of Xu’s predicament appeared to raise few eyebrows.

WhalePanda, the well-known commentator on cryptocurrency, argued that China’s diminished importance for the industry meant that legal difficulties concerning its businesses were not the market movers they once were.

https://bitcoinist.com/china-police-okex-ceo-investigation/

"OKEx Founder Star Xu Arrested by Shanghai Police"

Correct me if I'm wrong, but isn't this click bait? Along with other articles. Isn't being brought in for questioning different from being arrested? Because based on some articles I've read, I'm pretty sure he was just brought in for questioning.

I heard OKEx volume is fake, it's can enter CMC with one of biggest volume because bots are trading there.
So, i think there are no really big affect that can make bitcoin drop that hard

Star Xu, the founder of cryptocurrency exchange OKex has been taken into custody by Shanghai police officials. Star Xu is allegedly involved in a fraudulent scheme regarding WFEE Coin which various complaints have been received regarding this venture being potentially fraudulent.
You can read here: https://nulltx.com/okex-founder-star-xu-arrested-by-shanghai-police-over-alleged-investment-fraud/

The market is very bad after this news. My opinion, this news can do the price of Bitcoin reduced $5000 in next week. Be careful when buying Bitcoin at this time.