One of the most highly rated blockchain projects in China, was recently raided by Chinese authorities.
GXChain's headquarter office, taking sensitive documents and computers as evidence for an ongoing investigation.
Currently, all executives of GXChain are being held for interrogation, according.
According to one of Jinsen Finance's sources, the investigation was related allegedly related to data harvesting and not GXChain's native cryptocurrency.
The raid follows increasing efforts by Chinese authorities to regulate cryptocurrencies.
GXChain was one of China's few legitimate projects that came out of the 2017 ICO mania.
GXChain has been listed several times on the CCID Research Institute cryptocurrency rankings.
Due to GXChain's high ranking on the CCID list, the recent move by Chinese authorities came as a surprise to many investors and the impact can be seen in GXC's precipitous price drop.
Otherwise, a move above $0.70 could signal that GXChain could have the potential to recover.
As more information is released about the ongoing investigation against GXChain, price action around GXC will become clearer.
GXChain halts operations after Chinese police raid headquarters
gepubliceerd op Sep 12, 2019
by Cryptoslate | gepubliceerd op Coinage
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