Today’s crypto market witnessed a significant event as rumors surfaced concerning the detention of OKX Founder, Mingxing Xu, by US authorities. The speculation, which gained traction on various social media platforms, was met with a swift and firm denial from Xu. He expressed his displeasure with the spread of what he deemed to be fear, uncertainty, and doubt (FUD) that was affecting the community.
Clarity Amidst the Chaos
The Chinese crypto community initiated the whirlwind when questions arose regarding Xu’s supposed legal challenges in the USA. A key influencer known as Alvin was targeted with inquiries about the validity of these claims. Alvin quickly debunked the arrest rumors, suggesting that they were likely fabrications aimed at manipulating the price of OKX’s proprietary token, OKB.
The value of OKB had been subject to extreme volatility within the week, plunging to $54 and subsequently recovering to a stable price of $57. This price movement raised suspicions among market participants about potential foul play.
OKX Official Dismisses Rumors
In reaction to the unfolding events, Gala Wen, a partnership leader at OKX, stepped forward to address the situation. Reiterating Alvin’s position, Wen branded the allegations as completely baseless. He highlighted Xu’s direct involvement with the OKX’s American division and ruled out any legal complications. Wen pointed out to the public nature of US arrests and Xu’s visible leadership within the company’s US establishment.
This episode isn’t Xu’s first encounter with such controversies. Back in 2020, he was at the center of similar detention rumors in China. That episode coincided with the exchange’s brief pause on cryptocurrency withdrawals, stirring market unrest similar to the current situation.