• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
crypto project in China raided

Chinese Police Raid Offices of ‘Well Known Crypto Project’

Osato Avan-Nomayo
by Osato Avan-Nomayo
6 years ago
·
Posted in News teaser, Altcoin News, Altcoins, News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The police in China have carried out another raid on a cryptocurrency project, sealing up offices belonging to the GXChain (GXC) project.


Well-Known 2017 Cryptocurrency Project Targeted by Police

Tweeting on Wednesday (September 11, 2019), Primitive co-founder Dovey Wan revealed that the Chinese police has taken action against GXChain.

BREAKING

Another high profile 2017 ICO project GXChain $GXC just got clamped down by the Chinese police

😱😱😱

GXChain was a very hot ICO back in the days with ATH market cap over $600M (even now still holds $48M) and considered to be among the very few legit ICOs … pic.twitter.com/6uUPBx8og9

— Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) September 11, 2019

According to Wan, GXChain was one of the major Chinese initial coin offerings (ICOs) in 2017. The project even reportedly amassed an all-time high (ATH) market capitalization of more than $600 million.

Chinese authorities did eventually place a blanket ban on ICOs and crypto trading in September of 2017.

Wan also revealed that unlike some of the recent crackdowns by law enforcement targeted at known cryptocurrency scams, GXChain was thought to be one of the more legitimate crypto businesses in China.

In fact, the project ranked 5th in the July edition of the CCID blockchain rankings with a total index score of 110.7.

GXChain Ranked 5th on CCID

Might Not be Crypto-Related

However, Wan did state that the police action might be connected to the activities of the business behind the project. According to Wan, the business did sell processed personal credit data which is reportedly a “sensitive area” in China.

The news of the GXChain crackdown comes swiftly on the heels of numerous revelations of exit scams and Ponzi schemes tied to cryptocurrencies in China.

As reported by Bitcoinist, the PlusToken managed to scam investors of more than 200,000 BTC and 800,000 ETH.

Back in August, Chinese police began investigating cryptocurrency trading platform EtherDelta over an alleged exit scam.

The platform initially incurred a massive fine from the United States Securities and Exchange Commission (SEC) before being sold to Chinese investors.

GXC Price Plummeting

Data from CoinMarketCap shows a significant price drop for GXC tokens. As at press time, GXC has declined by more than 17% in the space of a few hours probably due to today’s development.

The 90th-ranked cryptocurrency has a market capitalization of more than $41 million. Bitcoinist will continue to monitor the situation providing updates along the way.

Do you think GXChain is another scam cryptocurrency project operating in China? Let us know in the comments below.


Images via Shutterstock, Twitter @DoveyWan, CCID.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Osato Avan-Nomayo

Osato Avan-Nomayo

Follow

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Full Profile

Related Posts

India

India Cracks Down: Stricter Rules To Combat Rising Digital Payments Fraud

23 hours ago
PrimeXBT: Top 5 altcoins to watch in 2025 

PrimeXBT: Top 5 altcoins to watch in 2025 

1 day ago
Philippines

Philippines Authorities Move To Put Key Public Records On Blockchain After Mass Protests

1 day ago
FOMO Fuels BNB Surge, But Analyst Warns Of Short-Term Fragility

FOMO Fuels BNB Surge, But Analyst Warns Of Short-Term Fragility

1 day ago
Altcoin OI Crash Signals Market Stress Beyond Bitcoin – $8B Wiped Out

Altcoin OI Crash Signals Market Stress Beyond Bitcoin – $8B Wiped Out

3 days ago
Dogecoin

Grayscale Seeks Big Breakthrough: Amended S-1 Filed To Convert Dogecoin Trust Into GDOG ETF

5 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    1 day ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    3 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    4 days ago
  • Snorter надхвърли $4 милиона след...

    5 days ago
  • Experience the Next Chapter of Pickleball with the $PKL Token Presale.

    Experience the Next Chapter of Pickleball with the $PKL...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.