Chinese police storm the office of a famous crypto project
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Answer Chinese police storm the office of a famous crypto project
According Dovey Wan, who indicated through her Twitter account that the Chinese police raided the GXChain project office, whose GXC coin was launched in the form of an ICO in 2017.
broke down
Another High Level 2017 ICO Project GXChain GXC Dollars Restrictions have been imposed by the Chinese police
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GXChain was a very hot ICO back in the days with ATH market cap of over $600M (so far still holding $48M) and considered among very few legitimate ICOs… pic.twitter.com/6uUPBx8og9
🗝 🦖 (DoveyWan) September 11, 2019
The police closed the project office permanently.
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The total market value of the currency before the police raid was 48 million dollars, to drop its value to the level of 37 million dollars, and the currency index at the present time is still collapsing by -15%.
For information, the total market value of the currency reached earlier, up to 600 million dollars, at the beginning of January 2018.
The account holder, “Dovey Wan,” adds that she does not know the real reason behind the Chinese police closing the office of GXChain and why the police are so angry at the project, and that there are blatantly fraudulent projects and they are still operating normally.
tbh I have no idea why the police would take action against GXchain instead of 10,000 other Chinese scams, as GXchain has real business behind it. The motive may be their data business – they sell processed personal credit data, which is now a very sensitive area in China
🗝 🦖 (DoveyWan) September 11, 2019
The reason for the closure could be caused by the Chinese government agencies, given that the project deals with users’ personal credit data, which is very sensitive information in China.
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The project’s currency is still regularly listed on CoinMarketCap, which ranks 96th in terms of total market capitalization.
The coming days will reveal more facts regarding why the police closed the company’s office, and things will become clearer about the future of the project.
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