OKEx Token Drops After Founder Was Arrested

OKEx's coin, OKB, has seen a significant drop in value after deposits and withdrawals were suspended. This happened after the founder of the crypto exchange Star XU was arrested and taken to the police station. In a statement, the company announced that withdrawals are still suspended, but all other services on the platform are available.

Meanwhile, the exchange has assured its clients that their funds on the platform are safe and there is no cause for concern. However, some media outlets report that other exchange managers who have access to the exchange's private keys were arrested along with Star Xu. According to the media, the police are trying to get control over OKEx cold wallets.

The coin is now trading near the $4 mark, which is a sharp decline from the previous $6 price. Over the weekend, the coin value improved slightly and reached the $4.4 mark, but then the price dropped to $ 4.2. At the time of this writing, the value of the coin was $4.61.

Image courtesy of Cryptodose