Chinese police suspend one of largest crypto projects

Posted 12 September, 2019

Chinese ICO startup GXChain has stopped working at the request of the local police. At the moment, there is no official information with what this may be connected, but according to the partner of the Primitive fund, Dovey Wan, the cause could be the business of the data project.

" 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," explained Dovey Wan.

She posted photos and footage from the scene. The evidence shows that the startup’s office is sealed by the police. Project managers are now being questioned. 

Previously, GXChain was highly rated by the Center for the Development of the Information Technology Industry, which publishes ratings of cryptocurrency projects. In the July ranking, the project took fifth place out of 37 projects. The aim of the project is to create decentralized solutions for exchanging data through a peer-to-peer marketplace in the lending industry.

Over the past day, the price of altcoin has decreased by 25%, now it is $0.5. At the beginning of 2018, the value of the coin exceeded $ 10.1, since then it has fallen in price by 95%.

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12 September, 2019 13:01

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Swiss watchdog unveils annex to its ICO rules to cover stablecoins

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