OKEx Token Up 11% As Founder Rumor Has Been Released

OKEx halted withdrawals after its founder was reportedly detained by police in mid-October. Word got out that he was leaving.

OKB, the coin that powers Chinese cryptocurrency exchange OKEx, surged 11% today after rumors emerged that Chinese authorities had released founder Mingxing “Star” Xu from custody.

OKB’s price, as of this writing, is $5.42, up from $4.81 yesterday.

When Xu was held in mid-October, the price of OKB fell from around $6.00 to $4.26. The exchange halted withdrawals after reports emerged that Chinese police had detained Xu.

OKEx denies this characterization and denies rumors that Xu was detained for money laundering.

Providing Guarantees Before the Trial

“Wu Blockchain,” a Chinese crypto reporter, today posted rumors that Xu had “gained freedom” and that Chinese police had yet to determine whether to end the investigation or release him on bail before trial.

Wu Blockchain says that there is no time limit for resuming withdrawals. “This may bring some optimism in the investigative storm that is sweeping China’s crypto industry,” the independent journalist said.

OKB volume has been increasing throughout the week. As of Monday, $56 million worth of OKB was traded daily, according to metrics on data analytics site CoinMarketCap. Today, traders diverted $143 million worth of OKB.

Even though the price of OKB is rising, OKEx still does not allow withdrawals on the exchange. The administrator on the OKEx Telegram chat said, “Sorry for the inconvenience caused. It is not yet available. While I can’t share the current timeframe, my team is trying their best to continue the full functionality of the platform. ”

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