The police in China have carried out one other raid on a cryptocurrency project, sealing up workplaces belonging to the GXChain (GXC) project.
Properly-Recognized 2017 Cryptocurrency Venture Focused by Police
Tweeting on Wednesday (September 11, 2019), Primitive co-founder Dovey Wan revealed that the Chinese language police has taken motion towards GXChain.
BREAKING
One other excessive profile 2017 ICO project GXChain $GXC simply obtained clamped down by the Chinese language police
GXChain was a extremely popular ICO again within the days with ATH market cap over $600M (even now nonetheless holds $48M) and thought of to be among the many only a few legit ICOs … pic.twitter.com/6uUPBx8og9
— Dovey Wan
(@DoveyWan) September 11, 2019
https://platform.twitter.com/widgets.js
Based on Wan, GXChain was one of many main Chinese language preliminary coin choices (ICOs) in 2017. The project even reportedly amassed an all-time excessive (ATH) market capitalization of greater than $600 million.
Chinese language authorities did finally place a blanket ban on ICOs and crypto buying and selling in September of 2017.
Wan additionally revealed that in contrast to among the current crackdowns by regulation enforcement focused at identified cryptocurrency scams, GXChain was considered one of many extra reputable crypto companies in China.
In reality, the project ranked 5th within the July version of the CCID blockchain rankings with a complete index rating of 110.7.
Would possibly Not be Crypto-Associated
Nevertheless, Wan did state that the police motion is likely to be related to the actions of the enterprise behind the project. Based on Wan, the enterprise did promote processed private credit score information which is reportedly a “sensitive area” in China.
The information of the GXChain crackdown comes swiftly on the heels of quite a few revelations of exit scams and Ponzi schemes tied to cryptocurrencies in China.
As reported by Bitcoinist, the PlusToken managed to rip-off buyers of greater than 200,000 BTC and 800,000 ETH.
Again in August, Chinese language police started investigating cryptocurrency buying and selling platform EtherDelta over an alleged exit rip-off.
The platform initially incurred a large wonderful from the US Securities and Change Fee (SEC) earlier than being offered to Chinese language buyers.
GXC Worth Plummeting
Knowledge from CoinMarketCap exhibits a big value drop for GXC tokens. As at press time, GXC has declined by greater than 17% within the house of some hours in all probability attributable to as we speak’s improvement.
The 90th-ranked cryptocurrency has a market capitalization of greater than $41 million. Bitcoinist will proceed to watch the state of affairs offering updates alongside the best way.
Do you suppose GXChain is one other rip-off cryptocurrency project working in China? Tell us within the feedback beneath.
Photographs through Shutterstock, Twitter @DoveyWan, CCID.
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