Organizers of a Chinese Blockchain conference that police suddenly shut down have denied rumors they invited a suspected fraudulent Initial Coin Offering (ICO) to the event, local news outlet YMTMT.com reported Thursday, April 12.

Local media reports cite PTP International, the organizers behind the Global Fintech & Blockchain China Summit 2018 (GFBCS) in Shanghai, as saying the only reason given by police for the raid was “security risks”.

“We are investigating the reasons for the suspension of the event,” YMTMT.com quotes PTP as telling participants.

While many aspects of cryptocurrency use remain illegal in China, Blockchain and fintech have considerably more room for maneuver, with various Chinese conferences continuing to successfully draw in international crowds.

According to media sources, there was controversy surrounding GFBCS due to the alleged presence of an unnamed ICO operator, which attendees claim lost them money.

Some of those attendees subsequently informed authorities, leading to the sudden infiltration of the event by police, according to local reports.

Promising an update on the situation and a possible rescheduling of the remaining portion of the conference, PTP asked the community not to believe or spread “rumors.”

“This is a formal event and there are no legal issues related to its content,” the company continued: