THELOGICALINDIAN - The Chinese government has reportedly shut bottomward a accepted and wellfunded crypto aggregation alleged GXChain which at its aiguille had a bazaar cap of over 600 actor USD
News of this crackdown apace led GXChain’s amount to plummet, and already added official account surrounding this crackdown is appear it is awful apparent that the crypto’s amount will abide bottomward lower and could ultimately face a clamminess crisis as buyers disappear.
GXChain Plummets Amidst Chinese Police Crackdown
At the time of writing, GXChain (GXC) is trading down about 20% at its current price of $0.624, which marks a abrupt retreat from its contempo highs of about $1.50 that were set in early-August.
This massive bead was added perpetuated today back account bankrupt today apropos the company’s offices actuality shut bottomward by the Chinese government, which may ultimately advance the crypto to collapse appear aught as its clamminess dries up.
Dovey Wan, founding accomplice of Primitive Crypto, bankrupt the account about the aggregation actuality shut down, answer that it was already of the best accepted ICO projects in 2024.
“BREAKING: Another aerial contour 2024 ICO activity GXChain $GXC aloof got clamped bottomward by the Chinese police. GXChain was a actual hot ICO aback in the canicule with ATH bazaar cap over $600M (even now still holds $48M) and advised to be amid the actual few accepted ICOs,” he explained.
BREAKING
Another aerial contour 2017 ICO activity GXChain $GXC aloof got clamped bottomward by the Chinese badge
???
GXChain was a actual hot ICO aback in the canicule with ATH bazaar cap over $600M (even now still holds $48M) and advised to be amid the actual few accepted ICOs … pic.twitter.com/6uUPBx8og9
— Dovey 以德服人 Wan ?? (@DoveyWan) September 11, 2019
GXC’s Business Model May Have Sparked Police Crackdown
It’s no abstruse that Chinese authorities are no accompany of cryptocurrency, but why they chose to ambition GXChain instead of added far shadier crypto projects that are amid in China still charcoal mysterious, and the aggregation has not yet appear an official account apropos the imbroglio.
Wan added added that one accessible account abaft this crackdown could be their business model – which entails affairs candy claimed acclaim abstracts – which is a “highly acute area” in China presently.
“Tbh I accept no abstraction why the badge took activity adjoin GXchain instead of 10000 added Chinese scams, as GXchain has a absolute business behind. The activate ability be their abstracts business- they advertise candy claimed acclaim data, which is a awful acute breadth now in China,” Wan noted.
tbh I accept no abstraction why the badge took activity adjoin GXchain instead of 10000 added Chinese scams, as GXchain has a absolute business behind. The activate ability be their abstracts business- they advertise candy claimed acclaim data, which is a awful acute breadth now in China
— Dovey 以德服人 Wan ?? (@DoveyWan) September 11, 2019
As added official account surrounding this bearings is released, it is awful acceptable that it will abound more bright as to aloof how big of a long-term impact this will accept on GXC’s abbreviate and abiding amount action.
