September 16, 2019 by Océane
GXChain, the crypto-based platform in China, has suffered a seizure on the part of the police for unknown reasons. This company, which has made a ICO to success in 2017, would have been the new target of the witch hunt conducted by the local authorities, ” says an observer.
GXChain seized by the authorities
Undertake in the field of crypto-currencies is increasingly difficult in the land of china. While the government had formally banned the activities of ICO following the huge losses caused by scams and other systems of attractions financial non-regulated, the cleaning process continues until today.
Actually, it is the platform GXChain, a company heavily hyped, with a market capitalization of $ 600 million at the time, who was a victim of the suspicion of the investigators, leading to its recent closure.
Another high profile 2017 ICO project GXChain $GXC just got clamped down by the Chinese police
GXChain was a very hot ICO back in the days with HTS market cap over $600M (even now still holds $48M) and considered to be among the very few legit ICOs … pic.twitter.com/6uUPBx8og9
— Dovey Wan 🗝 🦖 (@DoveyWan) September 11, 2019
GXChain seized in spite of its legitimacy
After the post-Dovey Wan, the founding partner of Primitive Crypto, no information would have been communicated on the grounds for the seizure of materials GXChain during the operation.
At the same time, Wan says that GXChain has succeeded in its ICO, and that there would be no valid reason (pending further investigation) that would motivate this closure.
She also announced that the single track under this repression could be linked to the illegal activity from the activity data of GXChain.
“They sell credit data processed, which is an extremely sensitive area in China,” she says, after having referred to the nature incomprehensible gesture of the authorities, knowing that there are countless cases of fraud to investigate outside of the case GXChain.
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