Mingxing Xu or commonly known as Star Xu made waves in the blockchain industry when he founded OKCoin in China in 2013. What started as a small business eventually evolved into the OKCoin exchange with Xu at the helm . Additionally he established the OK Group which is focusing on blockchain infrastructure. The separation of OKCoin and the formation of OKEx which is a separate exchange based in Malta further diversified Xu’s ventures. Xu is currently the CEO of OK Group but reportedly not affiliated with OKEx. When it comes to his wealth Star Xu net worth is believed to be around $ 1.4 billion .
The Mystery Unfolds: Xu’s Disappearance and Frozen Withdrawals
The creator of one of the biggest cryptocurrency exchanges reportedly went missing while a Chinese police probe was underway which sent the blockchain world into a frenzy. When OKEx announced the suspension of withdrawals for a number of reasons the situation worsened even more and raised serious concerns among industry players particularly platform-based derivatives traders . Large withdrawals that occurred at the same time as the early leaks further confused and agitated the market.
Rumors Confirmed but No Wrongdoing Found
Eventually Xu reappeared and acknowledged the investigation’s existence . He reaffirmed his innocence of any misconduct. However concerns have been raised concerning the validity and efficiency of OKEx’s semi-online multisignature mechanism in light of the withdrawal freeze and the circumstances surrounding Xu’s disappearance . The event highlighted the possible dangers of using a platform where withdrawals are subject to the availability and consent of key holders.
Rebuilding Trust and Moving Forward
After suspending withdrawals for more than a month OKEx restarted operations which left many to question the exchange’s business model’s long-term viability. The CEO of OK Group Xu now has the difficult challenge of reestablishing consumer faith in the brand . It will take extensive work to solve the issues brought up during the crisis and put security and transparency measures in place in order to restore his company’s image.