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Breaking: Major ICO Project Gets Shut Down by Chinese Police


news.u.today 2019-09-12 02:30
Reading time: ~2 m

According to Dovey Wan of Primitive Ventures, GXChain, one of the biggest ICO projects of 2017, is no longer in business. On Sept. 11, it was shut down by the Chinese police.

BREAKING

Another high profile 2017 ICO project GXChain $GXC just got clamped down by the Chinese police

😱😱😱

GXChain was a very hot ICO back in the days with ATH market cap over $600M (even now still holds $48M) and considered to be among the very few legit ICOs ... pic.twitter.com/6uUPBx8og9

— Dovey Wan 🗝 🦖 (@DoveyWan) September 11, 2019


Wan adds that she has no idea why this particular ICO drew the ire of Chinese authorities since there is plenty of blatant cryptocurrency scams that are still active. She insists that GXChain was one of the few legitimate companies in the space.

tbh I have no idea why the police took action against GXchain instead of 10000 other Chinese scams, as GXchain has a real business behind. The trigger might be their data business- they sell processed personal credit data, which is a highly sensitive area now in China

— Dovey Wan 🗝 🦖 (@DoveyWan) September 11, 2019

GXChain was positioned as a fundamental Blockchain for global data, which includes credit card history. Wan suggests that it could be the reason why the police have put the breaks on this ICO given that it’s “a very sensitive topic” in China.

According to CoinMarketData, GXChain (GXC) is currently sitting at 88th place with its price tanking by 11 percent over the last 24 hours. Back in January 2018, its market cap was nearing $600 mln.

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