Star (Mingxing) Xu is a Chinese Entrepreneur born on 3rd April 1987 in Beijing, China. In 2013 Mingxing Xu (also known as Star Xu) founded OKCoin.com and OKEx, a worldwide service-based Cryptocurrency Exchange Platform (one of the world’s largest global cryptocurrency exchange platforms with the lowest fees). He is one of the cryptocurrency billionaires with a net worth of $1.4 Billion as of 2021.
Star Xu was arrested in October 2020 because OKEx issued an Announcement on “Suspension of Withdrawals” on 16th October as one of the key holders was unreachable. Rumors spread that it was Star Xu. Then he was taken by the Chinese police under custody for one month, and finally, he was released in November. This incident reflected on the industry and all the derivatives traders on the platform. The large withdrawals from the exchange that happened around the time of the first leaks only confused everyone further, and those reports almost certainly moved the market.
When OKEx opened up its withdrawals over a month after they were suspended, it undoubtedly left many people questioning how viable the semi-online multi-signature system used by the exchange is. If a holder goes missing, withdrawals stop. So, it seems the CEO of OK Group will have challenging work ahead of him to restore trust in his company’s brand.