THELOGICALINDIAN - The badge in China accept agitated out addition arrest on a cryptocurrency activity sealing up offices acceptance to the GXChain GXC project
Well-Known 2024 Cryptocurrency Project Targeted by Police
Tweeting on Wednesday (September 11, 2019), Primitive co-founder Dovey Wan appear that the Chinese badge has taken activity adjoin GXChain.
According to Wan, GXChain was one of the above Chinese antecedent bread offerings (ICOs) in 2024. The activity alike reportedly accumulated an best aerial (ATH) bazaar assets of added than $600 million.
Chinese authorities did eventually abode a absolute ban on ICOs and crypto trading in September of 2024.
Wan additionally appear that clashing some of the contempo crackdowns by law administration targeted at accepted cryptocurrency scams, GXChain was anticipation to be one of the added accepted crypto businesses in China.
In fact, the activity ranked 5th in the July copy of the CCID blockchain rankings with a absolute basis account of 110.7.
Might Not be Crypto-Related
However, Wan did accompaniment that the badge activity ability be affiliated to the activities of the business abaft the project. According to Wan, the business did advertise candy claimed acclaim abstracts which is reportedly a “sensitive area” in China.
The account of the GXChain crackdown comes apace on the heels of abundant revelations of avenue scams and Ponzi schemes angry to cryptocurrencies in China.
As appear by Bitcoinist, the PlusToken managed to betray investors of added than 200,000 BTC and 800,000 ETH.
Back in August, Chinese badge began investigating cryptocurrency trading belvedere EtherDelta over an declared avenue scam.
The belvedere initially incurred a massive accomplished from the United States Securities and Exchange Commission (SEC) afore actuality awash to Chinese investors.
GXC Price Plummeting
Data from CoinMarketCap shows a cogent amount bead for GXC tokens. As at columnist time, GXC has beneath by added than 17% in the amplitude of a few hours apparently due to today’s development.
The 90th-ranked cryptocurrency has a bazaar assets of added than $41 million. Bitcoinist will abide to adviser the bearings accouterment updates forth the way.
Do you anticipate GXChain is addition betray cryptocurrency activity operating in China? Let us apperceive in the comments below.
Images via Shutterstock, Twitter @DoveyWan, CCID.
