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Chinese Police Shut Down Crypto Conference

Article by Steve Kaaru

Police in China shut down a blockchain conference on Thursday, citing security risks, in a move that was contested by the organizers of the conference. The 2nd Global Fintech and Blockchain China Expo 2018 (GFBC) was brought to a halt by the authorities, reportedly because the police suspected that the organizers invited a fraudulent ICO team that had defrauded a sizable number of Chinese investors, some of whom were in attendance.

Agitated and outraged by the drastic actions of the Shanghai authorities, GFBC’s organizers promised to follow up on the matter to determine exactly why their conference was shut down. According to the organizers, security risks was the only reason given by the police, which was an insufficient explanation. It has, however, emerged that members of the crowd had informed the police about the aforementioned fraudulent ICO, leading to the crackdown. Addressing the confused crowd, the organizers promised them that they would hold a meeting to reschedule the expo.

The organizers went on to assure the crowd that the meeting was legal and that the fraudulent ICO’s team was not participating in the conference. They cautioned the crowd against spreading malicious rumors about the expo and also against listening to unfounded rumors propagated by “unscrupulous” media.

The one-day event is in its second year. It brought together over 800 delegates from research institutes, government institutions, financial institutions, the blockchain community, and the fintech industry to discuss the future of blockchain technology. The planned areas of focus were global payment systems, supply chain management, healthcare, the internet of things, governance, and digital identity authentication.

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