Private-equity Big Man lost 800 million yuan in speculation? Big coin circle response: defamation

 Private-equity Big Man lost 800 million yuan in speculation? Big coin circle response: defamation

Netease Technologies News, October 12, news, Group speculation coins have beendestroyed800 million recently: Private investors angry to sue the money circle big man article caused concern, Private investors Yang Yongxing believes that the virtual currency exchange OKEx Exchange privately freezes and cancels investor accounts, wantonly embezzlement of investor assets, involving more than 20 accounts, the amount of up to 110 million U.S. dollars.

In response, Xu Xing, the money circle big man involved in the article, said that reporting fabricated facts is a modern version of the story of farmers and snakes. Xu said Yang Yongxings investment in OKCoin yielded a 100% return, but he was still unsatisfactory and repeatedly blackmailed unreasonable multiple excess returns. After being rejected, he began to fabricate facts and attack himself and OK Coin.

Xu Xing said that he believed that the law was fair and objective and that everything should be left to the court to decide.

The following is Xu Xings response:

I have just read an article about Yang Yongxing reported by a certain media. This article mentions my name many times. In response to this fabricated fact and insulting incident, I simply reply. This is a modern version of the story of a farmer and a snake. The detailed reply is as follows:

1. At the end of 2017, Yang Yongxing came to me through a middlemans introduction to express his strong interest in the company and the industry. He promised to help the company in one way or another. With his help, he purchased 1% of OKCoins equity from the old shareholders.

2. Within less than a year of its investment, it has not fulfilled all his promises to the company, and the company still generates 100% return for it.

3. Yang Yongxing does not satisfy the investment income of twice, extorting unreasonable excess income for many times. After being explicitly rejected by the board of directors of the company, he begins to fabricate facts and attack himself and OKCoin Company. All the things he claims are fabricated out of thin air and do not exist at all. He even transfers his investment losses in the stock market and losses in other platforms that manipulate the market to this place. Lets talk about it.

4. Since the article claims that Yang Yongxing has resorted to the court, I believe that the law is fair and objective, and everything should be left to the courts judgment. Before the courts judgment, its impatient attitude through the media reflects that Yang Yongxing has no legal base and tries to confuse right and wrong through public opinion.

Following is the full text of Group Fried Coin butGroup Destroyed800 million: Private-equity Big Man Angry Sued Big Man in the Currency Circle

Every reporter Pan Ting and every editor Yi Qijiang, Lu Xiangyong, Xiaoyong, Wang Jiaqi

Yang Yongxing, who once challenged the private equity industry, made a big mistake when he entered the currency circle: the assets worth 140 million yuan were lost, and 20 people who followed him into the currency circle suffered the same misfortune. The missing assets were worth about 110 million yuan (about 800 million yuan).

Yang Yongxing is a legendary existence in the private sector. At the age of 26, he achieved the goal of 1 million yuan to 100 million yuan in 16 months. He has won the Chaoyang everlasting Chinese private equity fund rankings in succession, and is the only player who has won two consecutive championships in the Chinese private equity rankings in 12 years.

However, why did the king, who once galloped in the private sector, disappear strangely after meeting Xu Xing, a monetary giant? What happened between them?

Photo Source: Photograph Network

Many doubts remain to be solved, and the daily economic journalists have launched many investigations.

Suspense 1 what happened when the private placement tycoon met the money circle tycoon?

Every industry has its own legends, and Yang Yongxing is undoubtedly a private sector can not be ignored.

How long does it take for the stock market to reach 100 million yuan? Five years? Decade? Or 20 years? Yang Yongxing spent only 16 months.

Yang Yongxing was born in an ordinary workers family in Zhengzhou. In the early 1990s, Yang Yongxings father became one of the tens of millions of retail investors in the stock market. At that time, Yang Yongxing, who was still in junior high school, followed his father to the securities business department. After his father lost confidence in the stock market, Yang Yongxing took over the remaining 20,000 yuan account. Later, he became famous in World War I in 2006 and 2007, and won successive championships in Chaoyang Sustainable Private Equity List of China. He is also the only player to win two consecutive championships in Chinas private equity rankings in the past 12 years.

In the 2007 Chaoyang Sustainable Real-time Competition, Yang Yongxing completed the seemingly impossible task with a yield of 1497% in 10 months, which is amazing. At that time, Yang Yongxing was only about 26 years old, and he had been speculating in stocks for less than 10 years.

In March 2009, as an investment advisor, Tongtian, where Yang Yongxing is located, issued the companys first trust product strategy master, which runs for one year and is the first Sunshine Private Equity with the highest rate of return in that year. As of February 2010, the cumulative increase reached 192.80%, compared with 51.6% for Shanghai and Shenzhen 300.

Photo Source: Private Placement Network

In mid-2009, Yang Yongxing left the team of master strategists to establish Yongsheng Huiyuan. On December 11 of the same year, when Yang Yongxings second trust product Yongsheng Huiyuan Steady Value-added was released to the public, its subscription was more enthusiastic than expected, and billions of dollars of funds were rumored to come to the market voluntarily. This is also his last fund manager in Sunshine Private Equity, Yongsheng Huiyuans steady value-added fund.

Photo Source: Private Placement Network

In 2010, Yang Yongxing switched from the secondary market to the primary market. Participated in the investment of many projects, and successfully withdrew. At the end of 2017, Yang Yongxing set foot in digital currency investment.

However, Yang Yongxing, a traditional private equity giant in the securities industry, has had an accident in the emerging digital currency field. His account on the OKEx Exchange has been strangely frozen and cancelled. At the same time, there are problems with the accounts of 20 users who follow Yang Yongxing into the field of digital currency. According to Yang Yongxing, he and his followers together involved assets valued at $110 million (about 800 million yuan) at current prices.

Yang Yongxing sued Xu Xing and others in court.

No one knows the status of OKEx Exchange in the currency circle, and Xu Xingxing is also a figure in the circle.

Xu Xing was the founder of OKCoin, the earliest bitcoin trading platform in China. He had previously worked in Yahoo China and Doudin. In 2012, he quit Doudin and started his own business, which led to OKCoin. While Bitcoin and block chains are on fire, Xu Xingxing is gradually entering the public eye.

On September 15, 2017, Beijing regulators announced the closure of virtual currency exchanges, such as Bitcoin, and requested that a public notice be issued before 24:00 p.m. on September 15, 2017, specifying the final time for the suspension of virtual currency transactions and immediately announcing the suspension of new user registration.

Since then, OKCoin, Bitcoin China, Firecoin and other platforms have announced the suspension of virtual currency trading business.

OKCoin and Xu Xingxing have publicly stated many times that they have nothing to do with OKEx.

What happened between Yang Yongxing, a private-equity giant, and Xu Xingxing, a money circle giant?

Who swallowed up the investors 800 million yuan assets?

When the daily economic journalist met Yang Yongxing, he provided a thick stack of evidence to reporters and said that he had sued Shenzhen Intermediate Peoples Court and Hangzhou Internet Court. He believed that this was also the largest lawsuit involving the amount of money in the field of digital assets in China.

Yang Yongxing said that the virtual currency exchange OKEx Exchange privately freezes and cancels investor accounts, wantonly embezzles investor assets, involving more than 20 accounts, amounting to $110 million. At the same time, Yang Yongxing told reporters that Xu Xing, Li Guangpeng, Luo min, Jiangsu Bafang cloud service network technology Co., Ltd. and Beijing lekuda Network Technology Co., Ltd. have been sued to Shenzhen intermediate peoples court.

Photo Source: OKEx Photographs

Yang Yongxing was involved in digital money investment at the end of 2017. Because of its great influence in traditional securities market, it has obvious demonstration effect and leading role among investors. Under his influence, 20 investors in the traditional securities sector followed into the digital currency sector.

Before entering the OKEx Exchange, Yang Yongxing used to operate digital currency on the Firecoin Network.

However, in July of this year, Yang Yongxing found that his account on OKEx Exchange and OKCoin platform had been cancelled. At that time, he said, there were about 4.1 million OKBs (a Taiwanese currency issued by the OKEx Exchange) and about 1 million USDTs (stable currency commonly used in the field of digital currency, price anchored in US dollars), with a corresponding value of about 140 million yuan.

Yang Yongxing provided correspondents with correspondence with OKEx Exchange, including: remote login notification, warehouse explosion warning notification, key customer notification, etc.

In addition, the notary office of Shenzhen City, Guangdong Province notarized the account opened by Yang Yongxing in okex exchange, the non existence of users of okex platform, and the email transaction records between Yang Yongxing and okex platform.

Certificate issued by Shenzhen Notary Office

So what happened? Why are 20 accounts written off and assets of up to $110 million swallowed?

Suspicion 3 Xu Star blocked Yang Yongxing from quitting OKEx?

According to Yang Yongxing, in January 2018, he registered his trading account on the digital currency trading platform okex using his personal mobile phone number, which is common to both okex and okcoin platforms.

Yang Yongxing said that by the beginning of 2018, in the process of participating in digital money investment and trading, he found that digital money investment is quite different from traditional securities investment, lacking supervision, data is not open and transparent, the OKEx trading platform data is not entirely authentic and credible, and he is not optimistic about the overall market situation. In addition, OKEx has been experiencing drastic changes in personnel for a long time, and various rights protection incidents are frequent. During the turbulent period, the idea of withdrawing from the platforms digital currency investment came into being.

Yang Yongxing said that at the end of 2018, he began to sell the currencies he held on the OKEx platform, but was gradually blocked by Xu Xing for reasons such as poor market.

On March 22, 2019, when Yang Yongxing logged on to OKEx platform, he found that his account number was frozen and his landing on OKCoin platform was also frozen. So far, he said, no explanation has been received from the platform.

Photo Source: OKEx Photographs

In July 2019, Yang Yongxing logged on to OKEx platform and found that his account had been cancelled, but he was not notified.

Yang Yongxing told reporters that about 140 million yuan of OKB and USDT in his account are his own assets, partly from his transfer from the Firecoin account to OKEx platform. The other part is from the withdrawal of money to the virtual currency link address designated by the defendant Xu Xing, which is operated by Xu Xing. The purpose is to increase the corresponding virtual currency in the account of OKEx platform.

About 20 traditional securities investors who followed Yang Yongxing into the field of digital currency also opened accounts and traded in OKEx, which was in the same situation as Yang Yongxing. Accounts were frozen and sold one after another.

According to Yang Yongxing and other statistics, the amount of 20 accounts sold reached 110 million US dollars at current prices. Among them, 31 million USDT and 28 million OKB. At present, these infringed investors have filed lawsuits in many local courts.

Suspicion 4 Why is the asset emptied after the cancellation account is restored?

It is worth mentioning that on August 26, Firecoin sent Yang Yongxings remittance records for the whole year of 2018 by mail. From January to March, 2018, Yang Yongxing extracted different quantities of BTC, ETH and USDT. There were 15 remittance records, showing the address, quantity and date of these virtual coins.

According to the information provided by Yang Yongxing, the reporter inquired about the hash value and the address of one ETH withdrawal record, and the result showed that the withdrawal direction was TOOKEX.

In addition, the reporter inquired about one of the withdrawal addresses of BTC on the official website of BTC. The record of withdrawal is the same as that provided by Yang Yongxing.

Industry insiders told reporters that these withdrawal addresses are the personal filling addresses of an exchange. After investors transfer the money into the personal filling address, the exchange will transfer these currencies to the general address of the exchange. Because if it is a personal operation, there will not be a robot like a certain number of coins transferred to a certain address in a few hours, and then the same number of coins transferred out, the difference in personal operation time will be greater.

Daily economic journalists contacted Yang Yongxings attorney, who told reporters that the case is still in the first stage of mediation. During the mediation process, there are special mediators to follow up. Acting lawyers have no direct contact with Xu Xing in the mediation stage, and mediators mediate. In addition, the litigation platform can not query cases in the mediation stage. Only when the trial stage is entered, can the case information be displayed on the litigation platform.

Notice of mediation received by Yang Yongxing

The attorney said that in this case, Yang Yongxings claim included:

1. Request the court to order Beijing Lekuda Network Technology Co., Ltd. (Defendant 1) and Jiangsu Bafang Yunfu Network Technology Co., Ltd. (Defendant 2) to immediately lift the freezing measures taken against the personal accounts opened by the plaintiff (Yang Yongxing) on the Internet platform of and; 2. Request the court to order Beijing Lekuda Network Technology Co., Ltd. (Defendant 2) First, Jiangsu Bafang Yunfu Network Technology Co., Ltd. (Defendant II) restored the virtual currency data of the plaintiff (Yang Yongxing) okex platform account before it was frozen on March 22, 2019, namely 4.1 million OKB and 1 million USDT (based on the actual verification data). Third, request the court to order Beijing Lekuda Network Technology Co., Ltd. (Defendant I) and Jiangsu Bafang Yunfu Network Technology Co., Ltd. (Defendant 2) Provide the plaintiff (Yang Yongxing) with all transaction details and relevant data from January 2018 (the opening date, whichever is the actual verification time) to the actual release date of the freeze.

Yang Yongxings Deputy lawyer told reporters: The account is owned by Yang Yongxing and should be controlled by him according to his own wishes. If the platform freezes or even cancels the account due to judicial investigation or platform rules, the platform party must inform us of the legal basis or platform rules for taking corresponding measures. If there is no legitimate reason, then OKExs freezing and closing of accounts is illegal.

Secondly, the virtual assets in Yang Yongxings personal account are protected by law. We require OKEx and its affiliates to return the virtual assets. Yang Yongxing and his affiliated users owned 20 accounts, which were cancelled and then restored, but the assets in the accounts were emptied. Such virtual assets belong to the civil rights and interests stipulated in the General Principles of Civil Law. If they are infringed, the obligee of course has the right to claim compensation.

Finally, OKEx and OKCoin actually operate together, which is reflected in the announcements issued by the platform for diverting customers and the interoperability of account operations. However, once the legal liability is involved, Beijing Lekuda Network Technology Co., Ltd., the self-administered operator of OKCoin Platform, has cut its legal relationship with OKEx Platform on the principle of the independence of corporate personality. However, as users, we believe that no matter which companies the two platforms are registered in, based on the mixed operation and management of the two platforms, the related parties constitute joint infringement and should bear joint liability for compensation. Although our country has not yet promulgated special laws and regulations to regulate and regulate the virtual currency platform, it does not mean that the platform party can arbitrarily infringe on the property rights of users. Users with damaged rights still have the right to defend their rights under the current legal framework. We are also preparing other related cases, which will be filed this month.

Suspense 5 does Xu Xing have any relationship with okex exchange?

Official website information shows that OKEx is one of the worlds well-known digital assets trading platforms. It mainly provides currency and derivatives trading services for digital assets such as Bitcoin, Wright coin and ETR coin for global users.

It is noteworthy that OKEx provides services including French currency transactions and currency transactions. Among them, French currency transactions include ordinary transactions and bulk transactions. Users can purchase digital currencies such as USDT/BTC/ETH with Renminbi. Reporters try to buy USDT of RMB 10,000. The page display needs KYC authentication, which is divided into three levels: basic authentication, advanced authentication and video authentication. After the user completes the basic authentication, he can increase the trading quota of French currency, with a single quota of RMB 2000; a single quota of RMB 1 million after advanced authentication; and a single quota of RMB 5 million after video authentication.

In addition, users can also use their own USDT and other digital currencies to purchase BTC, ETH and so on.

A senior lawyer in the virtual currency industry told reporters that on September 4, 2017, the Central Bank issued a bulletin on preventing the risk of issuance and financing of tokens, pointing out that any so-called token financing trading platform should not engage in the exchange business between legal currencies and tokens and virtual currencies, nor buy or sell tokens or virtual currencies as central counterparts. Token money or virtual money provides pricing, information intermediation and other services.

It is worth mentioning that the OKEx Exchange also provides contract transactions, with leverage multiples up to 100.

Reporters noted that in the case of Yang Yongxing v. OKEx Exchange, Xu Xingxing and trading platform OKCoin were also involved.

The reporter noticed that the domain name interface of the registrable domain name in China shows that the name of the exchange is OKCoin Currency Bank.

So, does OKCoin belong to OK Group?

According to Kaixinbao, the enterprise owned by is Beijing Lekuda Network Technology Co., Ltd. and the legal representative is Xu Xing. The reporter searched the public number of Weixin OKCoin Currency Bank and the result showed that the main body of the account was also Beijing Lekuda Network Technology Co., Ltd.

Photo Source: Kaixinbao

Reporters note that the public number responded to a comment on an article published on April 17, 2018 that is the domain name of OKCoin International Station. The domain name of the international website, which is one of the sites where Yang Yongxing said the accounts were interoperable, is also the OKCoin mentioned by Yang Yongxing.

This means that Xu Xings Beijing Lekuda Network Technology Co., Ltd. is indeed related to the account cancellation platform OKCoin of Yang Yongxing.

Reporters noted that on January 23, 2019, the Forward Holding Group of Hong Kong listed companies (code: 01499) announced that OKCHOLDING SCORPORATION (hereinafter referred to as OKC) would acquire 60.49% of the Forward Holding Group at a price of HK$484 million and become the actual controller of the Forward Holding Group of Hong Kong listed companies. According to the acquisition announcement, Xu Xing owns 52.68% of OKC and is the actual controller of OKC.

Interestingly, OKCoins Wechat Public Number also released the news on January 25, and said: On January 23, 2019, OKCHOLDING SCORPORATION (OK Group) and LEAP Holdings Group Limited (Forward Holdings Group) issued a joint announcement approved by the Hong Kong Securities Regulatory Commission, formally declaring that OK Group has completed the acquisition of the controlling right of Forward Holding Group (01499.HK).

On July 22, Forward Holdings Group issued its 2019 report. Xu Xing holds about 52.68% of OKCs equity. In addition, the annual report shows that OKCoin Technology Company Limited is a subsidiary of OKC.

So, is OKEx related to OKCoin Bank?

The reporter consulted the official micro-signal articles of OKCoin Monetary Bank and noticed the different expressions in different periods:

An article on August 5, 2017 called OKEx the currency-to-currency trading platform of OKCoin Bank; an article on March 30, 2018 said that OKCoin China had some technical and service cooperation with OKEX registered in Belize and its office address in the United States and Hong Kong, which had been cut and operated independently since October, 2017; and an article on September 13, 2018 called OKEx as one of the companies. Independent company, registered in Malta, Xu Xing is not the legal person, director or shareholder of ACX Malta Technology Company Limited, the main body of OKEx website operation. As the earliest digital asset trading platform in China, OKCoin Monetary Bank was established in 2013, and has voluntarily stopped trading business on October 31, 2017, in accordance with the relevant requirements of government departments, and accurately refunded customer funds.

It is worth mentioning that the reporter through Xu Xing (the founder of OKCoin microblog certification) certified Xu Xing OK microblog number to retrieve OKEx keywords, and did not search for relevant content; Xu Kun (Vice President of OKCoin strategy for microblog certification) certified Xu Kun Alysa microblog number to retrieve OKEx keywords, since August 2 this year, it has forwarded many OKEx official microblog OKEX place. Thank you for your support. A small step today is a big step tomorrow, and we are moving forward steadily, he said in a tweet on August 2.

The reporter opens OKCoins official website and successfully registers with the domestic mobile phone number. In the pop-up dialog box, he selects new user and broadcasts a video of 1 minute and 30 seconds. At the end of the video, the producer is prompted as OKEx & Sina Technologies, and the lower end shows Video Reprinted from Sina Technologies.

The reporter uses the mobile number successfully registered in okcoin bank to log in to the okex trading platform, and pops up the application for authorization prompt: through the openid technology between this site and okcoin bank, it is detected that your XXX (mobile number) account of okcoin bank is logging in at this site. This website needs to obtain personal information, transaction information and other related information of this account and all its subaccounts. Clicking on consent means that you explicitly agree to authorize this website to use personal information, transaction information and other related information of your main account and all its subaccounts.

Reporters click on the authorization, successfully logged on to OKEx trading platform.

Graphics and text are irrelevant (Source: Photograph Network)

OKEx Response: What Yang calls infringement of rights and interests is out of thin air.

Daily Economic Journalist contacted Xu Kun, Vice President of OKCoin Exchange Strategy, on Yang Yongxing v. OKEx Exchange Incident, who recommended the head of our Public Relations Department (original words). In subsequent exchanges, the head of the public relations department said that it belonged to the OKEx Exchange and had an acquaintance with Xu Kun.

The person in charge said: The OKEx Exchange has not received the relevant prosecution documents. OKCoin is the earliest bitcoin trading platform in China, and Xu Xingxing is the founder. Before the relevant policies were issued in 2017, OKCoin and OKEx cooperated in technology. Account interoperability was due to the existence of Internet login protocol and OPENID. However, the two exchanges are only technical exchanges, not personnel exchanges. In addition, OKEx accounts to do KYC authentication, an ID card can only open an account.

As for the question of the account is frozen and cancelled, involving 110 million US dollars, the head of the public relations department said: If he (Yang Yongxing, the same below) has 20 accounts, then the other accounts should not be his own. I cant say the amount involved is all his personal assets, and Im not particularly good at answering that.

The person in charge said to the reporter, I understand that this Yang (Yongxing) has also found some self-Media before and wrote some untrue things. Yang (Yongxing) said that our infringement on his rights and interests is a groundless thing.

The reporter dialed Xu Xings mobile phone number obtained from Yang Yongxings attorneys office, and tried to contact him, until no one answered the manuscript.

Source: Responsible Editor of Netease Science and Technology Report: Wang Fengzhi_NT2541