Report: office of GXChain be closed by Chinese authorities

For reasons which remain unknown, were placed the offices of the Chinese Blockchain project GXChain by the local police arrest, reports Dovey Wan, co-founder of Primitive Crypto on Twitter.

Police sealed the offices of GXChain

The Wans, Tweet the attached photo shows the alleged offices of GXChain from the Outside, which is to recognize that the entrance was sealed with adhesive tape. The entrepreneur said in your Tweet that you know exactly what is the reason for the police action against GXChain. The project had built up, in contrast to 10000 other Chinese projects, a real business, so Wan. She suspects, however, the trigger could be the data the business of the company, performing in China, a “highly sensitive area”.
GXChain understands itself as “a Blockchain for the global data economy, which seeks a trusted data Internet of value build”.

News pushes the price

After the incident, the course of the GXChain-Coins has dropped significantly in value. According to CoinMarketCap, the trading price in the last 24 hours to around 18 percent and is currently trading at about 0.62 US Dollar. The project is on course 90, the largest Blockchain-projects sorted by market capitalization.
Dovey Wan has proven in the past as a reliable source. A few weeks ago you reported as the first about the arrest of the alleged plus-token-operator.
In the Telegram group of the project, the fear and the power of some of the members already wide, it could be in the GXChain project a fraud (Scam). For this reason, should be made at this point clear that currently it is not clear why GXChain the wrath of the authorities has been met.
The next few days and weeks will show how it goes with the project.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.