Star Xu defended freezing $40,000 in stablecoins after a user admitted buying verified accounts, with the exchange citing strict KYC and AML obligations. Update Jan. 12, 11:34 am UTC: This article has been updated to include a response from OKX. OKX founder and CEO Star Xu defended the exchange’s asset-freezing policies after a user accused the platform of locking up $40,000 in stablecoins held in accounts that were purchased rather than registered under the user’s own identity. The user, who goes by the name Captain Bunny on social media, said in a Sunday X post that OKX froze about $40,000 worth of Global Dollar (USDG) stablecoins after triggering risk controls tied to four accounts. The user said the funds were needed to cover medical expenses for his elderly father. Read more
Bitcoin’s non-sovereign narrative is gaining attention as reports of a probe into US Fed Chair Jerome Powell raise concerns over political pressure and markets. Bitcoin’s role as a non-sovereign risk asset may benefit from renewed investor focus amid a criminal investigation into US Federal Reserve Chair Jerome Powell. Federal prosecutors opened a criminal investigation into Powell over testimony he gave to a Senate committee about renovations to the Fed’s buildings. In a Sunday statement, Powell said the investigation is “a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.” President Donald Trump has repeatedly attacked Powell and the Fed for refusing to grant his demands to cut interest rates. Read more