Popular ICO GXChain Faces Apparent Chinese Police Crackdown
The Chinese government has reportedly shut down a popular and well-funded crypto company called GXChain, which at its peak had a market cap of over $600 million USD.
News of this crackdown swiftly led GXChain’s price to plummet, and once more official news surrounding this crackdown is released it is highly probable that the crypto’s price will continue dropping lower and could ultimately face a liquidity crisis as buyers disappear.
GXChain Plummets Amidst Chinese Police Crackdown
At the time of writing, GXChain (GXC) is nearly 20% at its of $0.624, which marks a steep retreat from its recent highs of nearly $1.50 that were set in early-August.
This massive drop was further perpetuated today when news broke today regarding the company’s offices being shut down by the Chinese government, which may ultimately lead the crypto to plummet towards zero as its liquidity dries up.
Dovey Wan, founding partner of Primitive Crypto, broke the news about the company being shut down, explaining that it was once of the most popular ICO projects in 2017.