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Breaking: Major ICO Project Gets Shut Down by Chinese Police

  • Alex Dovbnya
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    The Chinese police have clamped down on one of the very few legitimate projects in the space 

Breaking: Major ICO Project Gets Shut Down by Chinese Police

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.

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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.

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 CoinMarketCap data, 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.

Cover image via 123rf.com
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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