Chinese cryptojournalist Colin Wu helped spread the OKX founder's denials about his arrest on social media X. The journalist explained that such rumors often arise in the Chinese community after the CEO of the largest crypto exchange Binance, Changpeng Zhao, was subject to criminal prosecution in the United States.
There are rumors in the Chinese community that StarXu, the founder of OKX, the second largest cryptocurrency offshore exchange, is under investigation by the United States. Star posted three tweets to refute the rumors. Similar rumors often arise after CZ was criminally…
— Wu Blockchain (@WuBlockchain) March 23, 2024
OKX's head of partnership development, Gala Wen, also called the information about Star Xu's legal problems false. Wen explained that information about arrests in the US is publicly available and anyone can check it on the government website. Wen assured that OKX's American office is very large, so Xu personally goes there and handles business.
This is not the first time Xu has faced such rumors. In 2020, there were discussions online that Xu had been detained in China. This coincided with a temporary suspension of withdrawals from the exchange, which caused concern among traders.
The recent rumors of Xu's arrest come after OKX ceased operations in India amid growing pressure from regulators – the exchange asked users to withdraw their assets by April 30, 2024.
Source: Bits

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