Blockchain Conference In China Halted By Police

Blockchain, News | April 12, 2018 By:

A major blockchain-themed conference in Shanghai has reportedly been halted by Chinese police on Thursday.

According to local reports, the one-day event, dubbed the Global FinTech & Blockchain China Summit (GFBCS) 2018, began today at 8:30am, and was suddenly shut down by police at around midday. All attendees and organizers of the event were reportedly removed from the venue. An industry award ceremony that was scheduled in the afternoon was also cancelled.

According to GFBCS’ website, the blockchain summit was supposed to discuss the real application cases and future prospect of blockchain in areas of finance, global payment systems, healthcare, energy trading, and digital identity authentication, among others. It claims more than 1,000 attendees and presented a guest list of over 150 financial services companies and 50 media outlets.

While the official reasons that led to the cancellation are still unconfirmed, there are rumors in social media sources that some of the attendees informed authorities that an unnamed initial coin offering (ICO) operator, which attendees claim lost them money, was present at the event.

However, PTP International, the organizers behind the event, denied rumors that they invited a suspected fraudulent ICO project to the event, and said that the only reason given by police for the raid was “security risks.”

“We are still investigating the reasons of the halt, and so far, the explanation offered by the police is due to security risk,” the organizer said. “We are working on a solution regarding how to make it up to event attendees. The conference is in compliance with the regulations in China and does not feature any ICO roadshow.”