OKEx's "biggest rights defender" Yang Yongxing: I'm not scamming, I just want to get my account back

Yang Yongxing: Let me briefly talk about my investment experience. I started investing in the secondary market in the securities market in the 1990s. The market was relatively good for a few years and I made some money. I basically stayed away from the secondary market around 2010 and stopped investing in stocks. I invested more in equity and participated in the early stage of some projects. I can be considered a professional investor.

One Coin: How did you get into the cryptocurrency world?

Yang Yongxing: I was originally engaged in traditional securities investment, so I was familiar with trading. In 2017, Xunlei's stock price in the US rose several times, so I studied it and found that many people focused on its involvement in blockchain, which also attracted my attention. In addition, Bitcoin also experienced a surge in the price at the end of 2017, which aroused my strong interest. After preliminary research and observation, I entered the cryptocurrency circle.

One Coin: Why do you choose to trade mainly on the OKEx platform?

Yang Yongxing: I was not familiar with this industry at first, but an acquaintance recommended me the top exchanges in this industry. I also trade on Huobi. The reason I chose OK and Huobi is that they are relatively large and well-known, and I think at least there will be no "runaway" situation.

One Coin: How much money have you invested in the cryptocurrency market?

Yang Yongxing: For me and some friends who entered the cryptocurrency market with me, the total assets are about 600 million to 700 million in RMB.

One Coin: With such a big investment, haven’t you considered the risks?

Yang Yongxing: I have considered it. First of all, I understand that the price fluctuations in the cryptocurrency market are particularly large, but as a professional investor, I can bear the market risks.

Another risk is policy. After 1994, ICO was banned, and illegal fundraising through virtual currency was prohibited. However, there is no clear statement on Bitcoin investment. Will there be a one-size-fits-all policy in the future? This is also a risk.

The third is the security issue. Many exchanges and project owners have run away. This is why I chose OKEx, because this platform is relatively large, I am one of the thousands of investors, and Xu Mingxing is a public figure. I think such a large platform will not disappear just like that.

I can bear the risk and accept the loss, but I never expected that there would be such a "risk" as canceling my account.

One Coin: Do you know Xu Mingxing? Have you ever had any contact with him?

Yang Yongxing: I met Xu Mingxing through a friend. After all, the amount I invested was quite large, so I felt more assured if I could contact the boss directly. But I didn’t know him before, and I wasn’t familiar with him, nor did I know his personality or personality.

One Coin: What coins have you bought since you entered the cryptocurrency circle?

Yang Yongxing: Before I entered this field, I did a detailed and in-depth study and found that there are many virtual coins in the cryptocurrency circle, which I will definitely not touch because the risk is too great.

But I found that platform coins are backed by exchange revenue, and exchanges are at the top of the food chain and the most profitable in this field. I think platform coins have more investment value and the investment logic is more reasonable. So my investment direction focuses on mainstream currencies such as Bitcoin and platform coins.

I have bought HT, OKB, BNB, and BTC, that is, mainstream currencies plus platform currencies.

When I entered this field, that is, in the first half of 2018, Binance's BNB had been issued and increased a lot, and Huobi's platform coin HT had also been issued. But I found that OK Exchange did not have a platform coin yet. I thought that as one of the three major exchanges, its platform coin would have more investment value. So after OK Exchange launched its platform coin, I focused on participating in the trading of the platform coin OKB.

One Coin: What are the benefits?

Yang Yongxing: To be honest, I entered the market relatively late and missed the big rise in Bitcoin in 2017. But it was precisely because of this surge that brought about a huge increase in the traffic and depth of exchanges, so I focused on platform coins.

After OKB was launched, I bought 100 million OKB at a price of about 1 USD. But after the purchase, the price dropped to more than 60 USD, a loss of more than 30%.

Fortunately, almost all platform coins have experienced a wave of increases, including HT, BNB, and OKB. OKB has also risen from more than 60 cents to 2 yuan, 4 yuan, and finally to more than 6 US dollars.

From the initial purchase of OKB to the peak point, the price increased by more than six times.

One Coin: Did you sell it? How did you do it?

Yang Yongxing: This process actually happened quite quickly. It dropped more than 30% when I entered the market, but it soon recovered with the market. The platform currency continued to advance and broke through multiple key price levels. I mainly held the currency. I didn’t sell it when it reached 6 yuan. Later, it dropped to more than 3 yuan, and I thought I should take profit, so I began to gradually reduce my position.

Based on my traditional investment strategy and awareness of risk control, I transferred out my principal when the price dropped to more than 3 yuan.

One Coin: So what’s left in your account now is profit?

Yang Yongxing: Yes, this is what I got through public secondary market transactions. It is also a reasonable return brought to me by the market rise. I don’t shy away from it.

A coin: How much is it approximately?

Yang Yongxing: I still have about 4.1 million OKB and 1 million USDT in my account. Adding the investment from my friends who came to OKE x through me, there are still about 31 million USDT and 28 million OKB left. (Note from One Coin: The market value is about 110 million US dollars. Because the account has been cancelled, the exact amount cannot be determined).

Yang Yongxing: The essence of any investment is to make money.

There are many reasons why I am considering quitting completely.

In the process of participating in digital currency investment and trading, although there was floating profit due to the overall market rise, I found that digital currency investment is quite different from traditional securities investment. There is a lack of supervision, the data is not open and transparent, and some transaction data is not completely true and reliable.

In addition, the overall cryptocurrency market fluctuated greatly in 2018, so I am not very optimistic about the overall market situation.

In addition, during this year, OKEx has been in a turbulent period with drastic personnel changes and frequent rights protection incidents. I felt that this market was not working, so I had the idea of ​​withdrawing from the digital currency investment on this platform.

One Coin: Did you communicate with the platform when you quit?

Yang Yongxing: I think this is a market behavior. When I enter the market to trade, whether I make a profit or sell at a loss, I think it is a personal choice of investors. I don't need to discuss it with the platform, and the platform should not interfere.

One Coin: When did you discover the abnormality in your account?

Yang Yongxing: On March 22, 2019, when I logged into the OKEx platform, I suddenly found that my account was "frozen".

In July 2019, when I logged into my account, it showed “The user does not exist”, which means that I had been deregistered by the platform.

I was shocked.

A coin: How many coins are left in it?

Yang Yongxing: I have 4.1 million OKB and 1 million USDT in my account. (Note from Yikuaicoin: the corresponding market price at that time was about 100 million RMB).

Because I have many friends who used to invest with me, and they also participated in cryptocurrency investment with me. These accounts entered the market at the same time as me. These accounts have also been blocked, and the total amount added up to more than 100 million US dollars.

One Coin: Did you communicate with the platform after you found out your account was blocked? Did you contact Xu Mingxing during this period?

Yang Yongxing: Of course I asked, but the platform didn’t give me any explanation. Later, I authorized a lawyer to communicate and handle the matter, but the lawyer said that he couldn’t get in touch with him and he refused to communicate.

In the end, we had no choice but to go through legal procedures.

One Coin: Your account was frozen and cancelled without any notification?

Yang Yongxing: No, not even by email or phone, not in any form.

One Coin: The CEO and key account manager of OKEx Exchange stated on the media platform that there is no such account as yours. What’s going on?

Yang Yongxing: I don’t know why they said that. I have never had any contact with them, and no so-called major customer manager has contacted me. I can only guess that maybe their level is not high enough. In addition, I can only say that there are many problems with OKEx’s internal management.

But you see, even in Xu Mingxing’s response, he admitted that I participated in the investment and said that I was “not satisfied with 100% return”. On the other hand, their people publicly said that my account was “0” and even said that there was no such account as mine. Isn’t this contradictory? Obviously there is something wrong.

One Coin: After the media exposure, Xu Mingxing also responded on Weibo. What do you think?

Yang Yongxing: Yes, I saw it too. I can simply summarize Xu Mingxing’s responses in the following four points: 1. I was interested in investing; 2. I doubled my money; 3. I doubled my money, but he was not satisfied so he cancelled my account; 4. I said he cancelled my account, but he said I fabricated the facts and I will wait for the court’s decision.

What he means is that you won’t be allowed to leave after you make money!

One Coin: Xu Mingxing said that you asked someone to find him, that you were very interested in this industry, and that he helped you a lot. You also bought 1% of OK’s shares?

Yang Yongxing: This is normal. When investing in any industry, isn’t it because of interest that you invest?

Of course I am interested, and because the amount I invest is relatively large, it would be more direct to find the boss. Even if I go to any listed company for research, isn't it because I am interested in investing? Isn't it the most direct way to find the boss directly to understand the situation? This is a very simple truth.

As for the 1% of the exchange's shares, this is different from my purchase of coins and account closing. Moreover, I spent real money to buy 1% of the exchange's shares, with a valuation of 1 billion US dollars, and spent 10 million US dollars to buy it.

Now that this has happened, I feel that this equity is of little significance. If he wants to take it back, I can give it to him at the original price.

One Coin: Xu Mingxing said that you had made some promises?

Yang Yongxing: In addition to the currency market, I have many other investments in the field of digital currency, including mining machines, etc. We are also the main shareholder of Ebang International. As an investor, I certainly hope that the platform can become bigger and stronger, safer and more secure.

If I have to say yes, when we first met, I said that I would try my best to introduce some of my resources, whether it is the upstream and downstream industrial chain or bringing investors to the platform, but these are all subject to change with market changes, so it can't be considered as "failure to fulfill a promise", right?

As for other promises, they were never made, and no agreement was reached in the middle. These were all his excuses and lies to the outside world.

One Coin: In his response, Xu Mingxing said that you blackmailed him?

Yang Yongxing: Xu Mingxing said the farmer and the snake, who is the farmer? Who is the snake? This is really making something out of nothing. I trade on the exchange, whether I make a profit or a loss, it is the individual behavior of the investor. When I lose money, I never ask the exchange for compensation.

The market was rising, and I made money. I transferred the assets in my account reasonably. How could this be considered extortion? I never said that I made one dollar and asked him to give me two dollars.

You can't say that because I made money and the amount is larger, you won't give me the money, right? If I want to leave, you can say that it's extortion, right?

This is really confusing and nonsense.

One Coin: Xu Mingxing also said that you brought your losses in other markets here to make a fuss? Even the outside world thinks you are trying to scam him.

Yang Yongxing: Is this possible? I have been investing for so many years, and I have invested in many industries. This is just a small part of my investment. I lost money in other fields, so how can I come here to talk about it? What else can I say? It doesn't even make sense.

You tell me, why would I try to scam him?

One Coin: So what is your appeal?

Yang Yongxing: My request is very simple. I want my account to be restored, the assets in the account to be restored, and the historical transaction records of the account to be restored.

This is also the most basic requirement for an investor.

One Coin: Your experience has also attracted great attention from traditional media. What impact did it have on you after being exposed?

Yang Yongxing: Many friends asked me, how could you encounter such a thing? When an exchange opens its doors to do business, the most important thing should be integrity and fairness. I feel that I have been treated extremely unfairly. I am also helpless.

Many friends expressed their concern. Of course, some of them just watched and said, "You got scammed too? That's good." Hahaha. (Laughing)

The joke has been made, and I must give an explanation. I cannot just let it go. I believe the law will protect me, and I will defend my rights to the end.

One Coin: What lesson did this incident teach you?

Yang Yongxing: I personally love trading and took the first step in this emerging field, although the results seem to have encountered some abnormal accidents. This also sounded a wake-up call for me and also taught some lessons to people in the traditional financial field. You need to be cautious when entering the market. This industry is really deep, and it is particularly important to choose a good platform.

One Coin: What do you think about the future of this industry? Do you still believe in digital currency investment?

Yang Yongxing: To be honest, this incident has severely hit the confidence and enthusiasm of the traditional financial circle to enter the cryptocurrency market. At least many powerful investors around me are deterred from entering the cryptocurrency market. After seeing my experience, they are all scared.

I think after this incident, the pace of traditional finance entering the cryptocurrency market will take many steps back.

Of course, I believe that the future development of this industry is still bright. It will not be affected by the behavior of a certain platform or some individuals. I also believe that policies and supervision will gradually become clear. This industry will gradually say goodbye to the chaos and disorder. I hope that day will come soon.

This article comes from Gyro Finance columnist: One coin, one coin