Caixin
Sep 12, 2018 10:48 AM
FINANCE

Chinese Bitcoin Tycoon Xu Mingxing Questioned by Police

Photo: VCG
Photo: VCG

A Chinese cryptocurrency tycoon was detained by the police late Monday amid a dispute with investors who had huge losses on his bitcoin exchange platform.

Xu Mingxing, founder and CEO of OKCoin, one of the world’s largest bitcoin exchanges, was questioned by Shanghai police together with some of OKCoin’s investors.

Many investors complained that on Sept. 5, when bitcoin and other cryptocurrencies plunged by nearly 10%, OkCoin’s platform crashed, causing significant losses for many investors who trade cryptocurrency futures on the platform. 

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