Cryptocurrency exchange Coin has assured users tOKedits operatiOKedand services, incluIcon deposits, withdrawals, and traIcon are operating normally after its founder Mingxing EU, also known as Star EU, was arrested in China.
Its sister exchange OKed had suspended all cryptocurrency withdrawals indefinitely last week, citing a private key holder from the exchange is currently unavailable.
Chinese business media outlet Cabin reported tOKedStar EU has been held in police custody at l st a week ago to help an investigation into the backdoor listing ofCoinoup in Hong Kong in 2019. At the time, OKC HolIcOKedbought 60.5 percent of a Hong Kong-listed construction firm for $62 million.
Star EU was arrested before by the police of Shanghai in 2018 on fraud charges after a group of investors claimed they incurred big losses due to a system crash they alleged OKed orchestrated. However, he was rel sed after 24 hours after assisting authorities’ probe into investors’ accusatiOKedtOKedOKed manipulated bitcoin futures.
“Coin is a US based entity with the management t m and h dquarters in San Francisco. We do not expectCoinongoing investigation of one of our directors will have any material effeCoinCoin’s global business operations, ” the fiat-OKedrypto platfOKedsaid.
OKed suffers largeCoinows
Coin was one of the three major crypto exchanges in China before the authorities’ crackdown on the virtual asset industry, incluIcon a ban on ICOs in September 2017. Fleeing the hostile business environment, the exchange, along with its peers, has since shifted its operatiOKedovers s. OKed, which works as a separate entity fromCoinoup and Coin, is h dquartered in Hong Kong while being officially based in Malta and its CEO is Jay Hao.
Following the news, and due to its big user base in China, large bitcoinCoinows from OKed went to its competitors. N rly 10,000 BTC (worth $113 million) were transferred to other exchanges, incluIcon Binance, which received n rly half ofCoinamount.
Coin has recently made an executive swap with its current CEO, Tim Byun, stepping down to assume his old role as Government RelatiOKedOfGroupGGRO) of OKGrCoin nwhile, Coin chairman and one of its rly investors, Hong Fang, has taken over as the newest executive director. The former Goldman Sachs banker also serves as chief operating ofGroupCOO) of the San FranciscoCoinCoinoup.
Coin handled $19.7 million in cryptocurrency traIcon in the last 24 hours, accorIcon to CoinMarketCap. Its crypto-OKedrypto entity, OKed, is ranked the world’s 11th largest cryptocurrency exchange by adjusted traIcon volume, currently traIcon around24-hourillion over a 24 hour period.