The founder of OKEx, Xu Mingxing, has been arrested according to local reports. According to Caixin, citing two sources, he was arrested by police a week ago.
As we reported, the exchange suspended withdrawals today, apparently because police are talking to “key holders,” it said in a statement.
“One of our private key holders is currently cooperating with a public security bureau in investigations where required,” the company said in its statement.
This is not the first time that Xu has spoken to police. In September 2018, he co-operated with authorities over accusations of fraud regarding a small-cap cryptocurrency.
OKEx is one of China’s three biggest exchanges, with more than $6 billion in daily trading volume.
This story is breaking and will be updated shortly.