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OKEX token surged more than 10% after rumors of the founder released from Chinese police

OKB jumped more than 10% today after rumors that the exchange’s founder, Star Xu, had been released from police custody. The price of the OKB token at the time of writing was around $ 5.37, up from $ 4.8 yesterday.

OKB chart 7 days | Source: Coinmarketcap

When Mr. Xu was detained in mid-October, OKB’s price dropped from $ 6 to $ 4.26. The exchange also halted its withdrawal service. They claim that the only person who holds the keys to approve the withdrawal is Mr. Xu.

“Star Xu, the head of OKEx, one of China’s largest crypto exchanges, have gained some freedom. This may bring a little bit of optimism in the investigation storm sweeping the Chinese crypto industry.” A Chinese crypto journalist, Wu Blockchain said.

“OKEx has established contact with Star Xu. As for the withdrawal issue that the outside world is most concerned about, there is no definite news for the time being, and we need to wait for the official announcement. OK said that it had not received information about Xu.” He added.

For Huobi, one of the largest crypto exchanges in the world, origin from China, the COO was also investigated by Shanxi police in early November. Several employees involved in OTC were reported to assist in the investigation. But Xu’s gaining a certain degree of freedom may also be good news for Huobi. Wu Blockchain tweeted.

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