In the brilliant galaxy of cryptocurrency, Zhao Changpeng (CZ) and Sun Yuchen are the brightest stars on stage, their every move can stir the market's winds and clouds.
However, in the corners where the spotlight doesn't shine, stands an earlier pioneer.
He doesn't like to show his face, his words are simple, even somewhat 'rural', yet he single-handedly created the OKX empire that now stands at the top of the industry.
He is Xu Mingxing, known as the 'principal' and 'godfather' of the cryptocurrency Huobi Military Academy!
The story begins from......
Chapter One: The Prologue of Code Changing Destiny
Everything starts from Beijing in 2013.
At that time, Bitcoin was still just a toy for a small circle of geeks, and the market was in chaos.
The exchange's website was as rudimentary as a personal homepage, crashing frequently, and users' fund security was not guaranteed at all.
Graduating from Beijing University of Science and Technology and having briefly worked at Yahoo and Douban, the tech veteran Xu Mingxing keenly sensed the opportunity.
What he sees is not the frenzy of 'digital gold,' but a 'technological lowland' that urgently needs regulation.
His approach is simple and direct: 'Use engineering thinking to solve problems.'
While others were still piecing together server code, he had already begun building a high-performance matching engine;
While others are still struggling with the theft incident, he has already built a solid cybersecurity firewall.
The OKCoin he founded, with far superior 'user experience' and 'stability' than its peers, quickly surged ahead in the domestic market like a dark horse, helping establish the pattern of the 'three major exchanges' with Huobi and BTCC.
This was the first time Xu Mingxing used technology to prove his business intuition.
Chapter 2: The Glory of the Peak and the Collapse of the 'Iron Triangle' in the Crypto World
The success of OKCoin has dramatically inflated Xu Mingxing's ambitions.
He knows that an empire needs more than one pillar.
In 2014, he welcomed two of the most important allies in his life—technical genius Zhao Changpeng (CZ) and marketing powerhouse He Yi.
CZ's arrival injected top-notch technical genes into OKCoin; He Yi's joining solved the pain points of branding and marketing.
Under her management, OKCoin's advertisements graced New York's Times Square, becoming a true industry giant. CZ, He Yi, and Xu Mingxing, this combination known later as the 'Iron Triangle of the crypto circle,' seems to herald a golden era belonging to the OK Empire.
However, the peak of power is often the beginning of cracks. There are two versions circulating about the reasons for their fallout.
The official version is 'ideological differences': CZ is ambitious, intending to build OKCoin into a global, borderless exchange;
And Xu Mingxing pays more attention to compliance and development in the domestic market, taking relatively conservative steps.
Another more dramatic version comes from a profound Weibo post by Xu Mingxing: 'The two of them are starting a business with me alone, how can this last?'
This sentence, though not named, was interpreted by everyone as a sharp satire of the office romance between CZ and He Yi (it is rumored that He Yi was already CZ's girlfriend at the time).
In a conservative era, this not only broke workplace rules but also touched the most sensitive trust bottom line between partners.
Once trust collapses, even the most solid alliances can disintegrate in an instant.
In the end, CZ and He Yi took their technology and experience, left for foreign lands, and founded what would later become the world's number one Binance.
And Xu Mingxing became the one left behind to pick up the pieces, the 'ex-husband.'
Chapter 3: "Life and Death Decision—Darkness Descends, Leaving for Overseas"
If internal division is a heavy blow, then the 'cryptocurrency trading ban' issued by the Chinese government in 2017 declared the death penalty for OKCoin in the domestic market.
Faced with this unprecedented regulatory storm, the giants of exchanges are facing an ultimate choice.
It is rumored that at that time, there were voices advocating for the platform to 'hand over' to the state in order to survive.
Xu Mingxing ultimately chose another path: resolutely cutting ties and leaving for overseas.
He shifted the focus of his business overseas and established OKEx, an international platform registered and operating in Malta, Hong Kong, and other regions.
This is an extremely painful but entirely correct decision.
It allowed OKX (then OKEx) to successfully avoid the sustained pressure of domestic policies and preserve the spark of development.
But the cost is equally enormous—he forever lost the world's largest cryptocurrency user base, transforming from a 'local king' into an 'international player' who must constantly be wary of risks.
Xu Mingxing, once the 'big brother of the crypto circle' revered by many, began a cautious and tentative overseas life of exile.
Chapter 4: Turbulent Times—From the 'DDW Incident' to the Withdrawal Door
On the road to internationalization, Xu Mingxing began to frequently 'step on landmines,' each time challenging the public's nerves.
In 2018, the high-leverage contract market began to grow wildly, with countless users facing liquidation and losing everything.
Angry rights defenders called themselves 'Wei Circle' to defend their rights.
Faced with users' despair, Xu Mingxing's response was nothing short of disastrous.
A user claiming to be his high school classmate sought help after losing money due to liquidation, only to receive a cold reply: 'You are just too heavy on gambling,' and was blacklisted.
Another user who lost tens of millions threatened to go down together, and Xu Mingxing casually said on WeChat: 'You bring two bottles of DDW, and we'll each drink one.'
A 90s-born individual with 1 million bought futures contracts on OKEx and was liquidated due to being pricked.
He was not willing to give up and pieced together another 1 million, only to face liquidation again.
After losing everything, he went to Xu Mingxing's company building and drank DDW.
On that day, Xu Mingxing arrived in Shanghai and checked into a hotel, where he was discovered and surrounded by investors.
Subsequently, both parties reported to the police, and Xu Mingxing was taken to the police station for the first time.
At the police station, facing investors, Xu Mingxing arrogantly said: 'Investors who lost less than 5 million shouldn't talk to me; they have no qualifications; those who lost more than 5 million should go directly to the police; those who lost over 100 million can come to me afterward.'
This is the infamous 'DDW incident'.
'Nurse' became a nickname (playing on the homophone for 'injection,' mocking his cold-bloodedness).
His arrogance and indifference ultimately destroyed users' trust in OKX and buried deep-seated hidden dangers for the company.
Misfortune does not come alone.
In 2019, Xu Mingxing was suddenly taken away by the police for investigation, and OKX immediately announced a 'suspension of withdrawals.'
Once the news broke, market panic spread, with a large number of users rushing to withdraw assets, and OKX faced its most severe trust crisis.
Although Xu Mingxing later clarified that he was cooperating with the investigation and that the company was safe, this giant ship had already been punctured with a huge hole.
The biggest beneficiary of the industry was none other than Binance, which was making great strides at that time.
It's hard to imagine that a rural-born academic, eager to change his fate and hoping to become rich through entrepreneurship, ended up on a path that everyone looked down upon.
In 2019, Xu Mingxing, with a net worth of 10 billion, ranked 11th on the (2019 Hurun 80s Self-Made Billionaires List).
Xu Mingxing realized his dream of entrepreneurship and wealth while also sending himself down an irreversible path.
When Feng Xin of Storm Media was arrested, his investor Cai Wensheng once said: Investors can cash out first; founders must hold on until the end, and the outcome may not be good.
This sentence, Cai Wensheng could say again, dedicated to Xu Mingxing, whom he once invested in.
Chapter 5: Low-Key Transformation—The 'Guardian' Behind the Scenes and the Rebirth of OKX
A series of upheavals made Xu Mingxing fully realize that the spotlight was not suitable for him.
He began to gradually transfer the management rights of OKX, retreating to the background and becoming increasingly low-key.
He no longer accepts long interviews with the media, only occasionally speaking on X (Twitter), as if he is a 'stabilizer' who appears only in emergencies.
In 2021, OKX officially changed its name, marking a comprehensive strategic transformation.
It is no longer just an exchange but is advancing towards a comprehensive service provider for the Web3 ecosystem, launching its own wallet, payment tools, and deeply laying out GameFi, NFT, and other fields.
Now, in the public information of OKX, Xu Mingxing's name is rarely mentioned.
But he is still one of the soul figures of the company. It is said he still holds some of the cold wallet keys, serving as the final safety valve.
When OKX recently faced a new wave of user panic due to the misjudgment of its risk control mechanism, it was this founder, who had not appeared for a long time, that personally posted a lengthy apology on X, calming the public and explaining the reasons, endorsing the company's mistakes with his personal credibility.
Xu Mingxing's story is not like a passionate entrepreneurial legend, but more like a modern business history about compromise, persistence, and reflection.
He may not have the personal charm and business acumen of CZ, but he has laid a solid 'infrastructure' for this wild industry with the rigor and stubbornness of an engineer.
He once stood on the cusp of opportunity, and he has also been knocked down by the tide of the times.
Now, he chooses to step back from the spotlight, becoming a silent guardian, quietly watching OKX, which he personally created, navigate the more turbulent and crisis-laden new blue ocean of Web3.
His story is far from over.
Chapter 6: Resurgence and the Silence After 'Public Execution'
Stepping back does not mean peace.
For those at the center of the most sensitive industry in cryptocurrency, any slight breeze can turn into a storm sweeping over them.
In 2024, a piece of news about 'OKX founder Xu Mingxing being arrested in the United States' quickly spread in the community, triggering a new wave of panic withdrawals.
Although the OKX official team and Xu Mingxing himself quickly debunked the rumors on social media, calling it 'fake news,' this incident undoubtedly exposed the founder's vulnerability once again—he and the company he represents are still shrouded in immense uncertainty and market sentiment.
However, what truly tests Xu Mingxing and OKX's 'trust system' is the recent 'mass account freezing incident.'
This incident is like the ghosts of the 'DDW incident' and the 'withdrawal door' returning.
A large number of user OKX accounts were frozen by the risk control system without warning, and funds were 'locked,' causing widespread complaints in the community as panic spread.
Users do not know whether their money is safe, do not know the reasons for the freeze, and do not know when it will be unfrozen. This is almost the most fatal trust crisis for cryptocurrency exchanges.
This time, Xu Mingxing, who had not publicly spoken for a long time, chose to step back into the spotlight.
He did not let the public relations department take over but directly posted a carefully worded statement on his own X (Twitter) account.
He candidly explained the compliance dilemmas faced by global exchanges, including KYC (identity verification), AML (anti-money laundering), and a series of complex risk control processes such as sanction list comparisons.
He admitted the system's 'false positive' problem and apologized on behalf of the OKX team to all affected users.
He is no longer the frivolous and arrogant 'nurse' of yesteryear, but an entrepreneur willing to take responsibility and confront issues.
This statement, although it cannot immediately quell all users' anger, at least stabilized the morale of the market.
It indicates that even behind the scenes, Xu Mingxing is still guarding OKX's last line of defense in his own way.
He used his own credibility to 'endorse' the company's technical mistakes, which is a heavy but necessary responsibility.
Chapter 7: From 'Billionaire' to 'Night Watchman': The Transformation of Identity and the Elevation of Ambition
Back then, when OKEx was making great strides in the international market, Xu Mingxing had also made it onto the Hurun Rich List, becoming a new industry tycoon with a net worth of 10 billion.
At that time, he was one of the top ten billionaires in Web3, standing at the pinnacle of wealth.
Now, he is no longer a frequent guest on the list.
His wealth may still be considerable, but what he values more seems to be another identity—the 'final guardian' of OKX, this massive ecosystem.
This identity transformation can be described as a 'de-mystification'.
He is no longer the decision-maker with unlimited power but a maintainer of rules and the ultimate bearer of risks.
He does not enjoy the fervent admiration of global followers like CZ, but the responsibilities he bears may not be lighter than CZ's.
What he protects is no longer the stock price or market value of a company, but the last bit of trust that millions of users place in 'centralized trust.'
His ambition thus shifted from expansion and conquest to stability and legacy.
He no longer pursues speed and passion but focuses more on the robustness of the system and the bottom line of compliance.
When he renamed the company to OKX and laid out Web3 wallets, payments, and on-chain ecosystems, what he was actually doing was building a new moat for OKX in the decentralized era—a physical entity that could continue to survive and develop in a complex environment even without him.
Chapter 8: Legacy and Echoes—What Has He Left Behind?
Evaluating Xu Mingxing's merits and demerits is a complex proposition.
But regardless of the outcome, the legacy he left for this industry is clear and profound.
First, he is the pioneer of 'infrastructure' in China's cryptocurrency.
Before OKCoin, exchanges were chaotic and akin to casinos.
He applied an engineer's mindset, introducing matching engines, security safeguards, and fiat currency deposit and withdrawal standards, pushing a chaotic and rough industry towards 'productization' and 'professionalization.'
This is his indelible technical achievement.
Secondly, he is a vivid example of the contradiction between 'centralization and decentralization.'
OKX has been stamped with a strong mark of centralization since its inception, and its fate is closely tied to the personal decisions of its founder.
Whether it is the fissures of the 'Iron Triangle,' the 'DDW incident,' or the 'withdrawal door,' they repeatedly prove: in a claimed decentralized cryptocurrency world, centralized 'people' remain the largest variable and risk point.
Xu Mingxing's experiences have become a mirror that this industry must remain vigilant about forever.
In the end, he is also a tragic yet pragmatic idealist.
He saw the potential of blockchain technology to change the world and attempted to put that ideal into practice.
But when ideals hit the wall of reality (regulation, human nature, market volatility), he chose the most painful and pragmatic way to survive—compromise, transformation, and concession.
He did not become a 'Pirate King' like CZ, but is more like a 'captain' struggling to steady the helm amid turbulent waves, even as the ship is battered.
Epilogue: The warmth of the story, the foreshadowing of the future
Xu Mingxing's story continues to this day.
We may find it hard to see him confidently accepting interviews again, nor will we hear him make astonishing statements.
He is more like a 'night watchman' checking the servers alone in the dark, his figure blurry, but that light still illuminates the direction for the giant ship OKX.
His life is a microcosm of the cryptocurrency industry transitioning from barbarism to maturity.
He personally participated in the rise of the chaotic industry and bore the costs of its expansion;
He experienced the glory of reaching the top and also tasted the bitterness of losing power.
In the future, the wave of Web3 will be even more turbulent. Where will this ship, which he personally built, sail?
As a 'behind-the-scenes guardian,' how much longer can he protect?
We do not know these issues. But one thing is certain: when future generations look back on this history, the name Xu Mingxing will not merely be a footnote.
He is a pioneer of an era and a complex figure full of controversy. His story, like the Bitcoin he bought in his early years, is of fluctuating value, but the experiences and lessons it represents will undoubtedly leave a lasting echo in the history of this industry.
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