Cryptovest
Published Sep 12, 2019 03:22AM ET
Updated Sep 12, 2019 04:41AM ET
Another High-Profile ICO in China Faces Trouble with the Law
GXChain is the next ICO in China that faces the force of the law. The project, which reached a peak market cap of $600 million during the hottest ICO season in 2017, is now investigated, reported Dovery Wan, co-founder of Primitive Crypto.
https://twitter.com/DoveyWan/status/1171778926030417921
Previously, Wan had warned of the debacle of Plus Token, a large-scale scheme that was active on the Asian markets. The recent GXChain investigation follows a series of crackdowns against ICOs, especially in the US. After about a year of free-for-all fundraising, the potential for fraud and personal finance risk alarmed regulators. Some of the projects turned out to be outright scams, also triggering police investigations.
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Written By: Cryptovest
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