Altcoin News: Chinese Police Suspended the Activity of GXChain

September 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Chinese police stopped the activity of the blockchain project GXChain, whose cryptocurrency is included in the top 100 largest digital assets according to CoinMarketCap.

This was announced by the partner of the Primitive fund, Dovey Wan, on Twitter, posting a photo and video from the scene.

GXChain held its ICO in mid-2017. At a price peak, GXC’s capitalization exceeded $600 million.

“ I have no idea why the police took action against GXchain instead of 10000 other Chinese scams, as GXchain has a real business behind,” Wan writes. — “The trigger might be their data business- they sell processed personal credit data, which is a highly sensitive area now in China”

According to Wan, the GXChain office was sealed by the police. All GXChain executives were taken to police for interrogation. There is no other information on this subject to date.

On September 4, GXChain developers presented another report in which they reported progress in the development of their product. The stated goal of the project is to create decentralized solutions for the exchange of data through a peer-to-peer marketplace in the lending industry.

GXC rate against the background of today’s announcement fell by 18%.

Image credit: CoinMarketCap

Earlier, GXChain was highly rated by Chinese experts from the Center for the Development of the Information Technology Industry, regularly publishing their rating of cryptocurrency projects. So, in the July ranking of 37 evaluated projects, it took fifth place.

Author: Marko Vidrih