The price of the OKEx token jumped in reaction to rumors of the release of the exchange founder, Mingxing Xu. On the 18th of November, there were rumors that Mingxing Xu, also known as Star Xu, was released from the Chinese police’s custody. Chinese crypto reporter Wu Blockchain shareD the news in a tweet:
“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.”
OKEx token OKB surged from $4.8 yesterday to $5.4 earlier today in response to the release rumors.
Currently, OKB is up 12.01% to $5.66 with a 24-hour trading volume of nearly $200 million. As of the 16th of November, OKB’s trading volume was $56 million. This shows that the exchange trading volume has gained about $144 million in less than a week.
The exchange founder was arrested and detained by the Chinese police on the 16th of October. Shortly after the arrest, OKEx experienced some disruptions as the exchange announced suspensions on withdrawals. Following the official announcement of withdrawal suspensions with no deadline, OKB dropped from $6.000 to $4.25.
Though withdrawals have not resumed after rumors of the founder’s release, hopes are high that OKEx may begin to work effectively as before.
Image Credits: Pixabay
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