Investors and local media are chasing after Xu Mingxing, founder of OKCoin and cryptocurrency exchange OK Exchange, for suspected fraud and irregular account management. A recently published story on major portals including Tencent Tech done by ChainTruth media account, suggests a stakeout planned investors and media outside a Marriott hotel in Beijing’s Chaoyang District, where Xu was rumored to be residing.

Early in March, non-official accusations raised by victim investors criticized Xu’s team for offering false investment information and promising unachievable returns. According to independent tech and finance outlet AI Finance Agency—which later got into a dispute with Xu regarding a report (in Chinese)—on March 24, an investor named Yang Chao held a bottle of insecticide and threatened to commit suicide at OKCoin’s Beijing headquarter in Haidian. Yang had lost in total around RMB11 million ($1.6 million), including money he borrowed from his own company’s shareholders under Yang’s own name.

“I managed to meet Xu. And he told me to bring two bottles, one for me, and one for him,” AI Finance Agency quoted Yang as saying.

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Runhua Zhao

Runhua Zhao is a technology reporter based in Beijing. Connect with her via email: runhuazhao@technode.com