OKX founder may be under investigation by US authorities
There have been reports on the Internet that the founder of the OKX exchange, Mingxing Xu, known in the crypto community as Star Xu, is allegedly under investigation in the United States.
Rumors began to spread in the Chinese crypto community after a well-known local figure, Alvin, received a request about Xu's alleged arrest in the United States. The influencer immediately refuted the rumors, suggesting that this news is a potential ploy to manipulate the native OKX token, OKB.
"Many people asked me today if it's true that there are rumors that Xu was arrested by the Americans. I think this is most likely a rumor," reads the translated version of his post.
Over the past week, the OKB price has undergone a significant correction, falling from $74 to $54. At the moment, the asset is trading above $60.
Meanwhile, the head of the OKX partnership, Gala Wen, supported Alvin's opinion. Wen emphasized Xu's active role in the company's work in the United States, refuting any suggestion that he was involved in legal problems.
"It's all fake. Information about arrests in the United States is public, and anyone can check it on the government website. The American office is very large, and the boss personally comes to conduct business. We work hard every day and are in a good mood," says Wen.
Interestingly, the rumors appeared against the background of OKX's clashes with regulators in various jurisdictions. Last month, South Korean authorities launched a criminal investigation into the exchange's activities in the country, accusing it of undisclosed activities. In addition, the platform has ceased operations in India due to an unfavorable regulatory environment.
