The police in China have carried out one other raid on a cryptocurrency challenge, sealing up places of work belonging to the GXChain (GXC) challenge.Nicely-Recognized 2017 Cryptocurrency Venture Focused by PoliceTweeting on Wednesday (September 11, 2019), Primitive co-founder Dovey Wan revealed that the Chinese language police has taken motion towards GXChain.BREAKINGAnother excessive profile 2017 ICO challenge GXChain $GXC simply acquired clamped down by the Chinese language police😱😱😱GXChain was a extremely popular ICO again within the days with ATH market cap over $600M (even now nonetheless holds $48M) and regarded to be among the many only a few legit ICOs … pic.twitter.com/6uUPBx8og9— Dovey Wan 🗝 🦖 (@DoveyWan) September 11, 2019In keeping with Wan, GXChain was one of many main Chinese language preliminary coin choices (ICOs) in 2017. The challenge even reportedly amassed an all-time excessive (ATH) market capitalization of greater than $600 million.Chinese language authorities did finally place a blanket ban on ICOs and crypto buying and selling in September of 2017.Wan additionally revealed that in contrast to a few of the latest crackdowns by regulation enforcement focused at identified cryptocurrency scams, GXChain was regarded as one of many extra official crypto companies in China.In actual fact, the challenge ranked fifth within the July version of the CCID blockchain rankings with a complete index rating of 110.7.Would possibly Not be Crypto-RelatedHowever, Wan did state that the police motion is perhaps linked to the actions of the enterprise behind the challenge. In keeping with Wan, the enterprise did promote processed private credit score knowledge which is reportedly a “delicate space” in China.The information of the GXChain crackdown comes swiftly on the heels of quite a few revelations of exit scams and Ponzi schemes tied to cryptocurrencies in China.As reported by Bitcoinist, the PlusToken managed to rip-off traders of greater than 200,000 BTC and 800,000 ETH.Again in August, Chinese language police started investigating cryptocurrency buying and selling platform EtherDelta over an alleged exit rip-off.The platform initially incurred an enormous advantageous from america Securities and Trade Fee (SEC) earlier than being offered to Chinese language traders.GXC Value PlummetingData from CoinMarketCap exhibits a big worth drop for GXC tokens. As at press time, GXC has declined by greater than 17% within the house of some hours most likely as a result of as we speak’s growth.The 90th-ranked cryptocurrency has a market capitalization of greater than $41 million. Bitcoinist will proceed to watch the scenario offering updates alongside the way in which.Do you suppose GXChain is one other rip-off cryptocurrency challenge working in China? Tell us within the feedback under.Photos by way of Shutterstock, Twitter @DoveyWan, CCID.