Here is the reason why OK Group founder Star Xu was arrested

Here is the reason why OK Group founder Star Xu was arrested

On the morning of the 20th, OK Group founder Star Xu personally responded that the company completed an equity M&A transaction several years ago. Because the acquired party was involved in a complicated judicial case, he was required to cooperate in the investigation.

“At present, the judiciary has ascertained the facts and returned my innocence.” Star Xu said on WeChat.

In the 19th, Wu exclusively disclosed that Xu had gained a certain degree of freedom. OKEx issued an announcement stating that “the problem has been resolved and he has returned to work”. Colin Wu, a Chinese journalist explains on Twitter.

At this point, OKEx has stepped out of the storm to some extent, and Xu has indeed gained freedom. In contrast, Huobi is still in the midst of a turmoil, but due to the involvement of the same case, Huobi may be optimistic about its future development. Colin Wu said.

As a result, yesterday, OKEx said it will allow users to make unlimited withdrawals before November 27, 2020, and will be rolling out bounty programs over the next few days.

“OKEx will therefore reopen unrestricted withdrawals by November 27, 2020. Prior to withdrawals reopening, our team will conduct strict security checks to resume normal operations of the hot wallet system and ensure the safety of our users’ funds. Because OKEx has insisted on maintaining 100% reserves since its establishment, 100% of user funds can be withdrawn without any restrictions after withdrawals are reopened. Simultaneously, we will also be launching significant user loyalty reward campaigns to express our deep apologies and most sincere gratitude to our community. The details of these reward campaigns will be announced in the next few days.” the exchange said.

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