Judging by a recent tweet from ETCDEV, Igor Artamonov, the Founder and CTO of ETCDEV, came out with an announcement. He came out saying that the development team cannot work like this and they’re shutting down ETCDEV. ETCDEV is one of the Ethereum Classic development teams.
Is ETC dead?
In their Twitter thread, many people refer to the recent Coinbase listing, when lots of people accused Coinbase of insider trading when the asset launched on their multiple platforms. Also, many questions Coinbase of their decision making regards to adding Ethereum Classic to their platforms. However, the fact is – ETCDEV is not the only development team on Ethereum Classic. The official account of Ethereum Classic cleared the air saying: “Ethereum Classic is not ETCDEV. Ethereum Classic is IOHK, ETC Co-op, ETC Labs, and ETCDEV.”
So you can imagine what the shut down of ETCDEV looks like on a wider scale.
The market impact
However, many crypto projects are suffering during this bear time because of lack of finances. Most of them entirely rely on the funds they got during the ICO period. Also, those funds are tanked because they probably stored their funds in ETC, which price has dumped throughout this year. ETC saw a huge price increase at the beginning of 2018. The price during the first days of January went through the roof in the matter of a couple of days when it experienced a massive rise from $27 to $44. Then, starting from February 22nd, ETC went into a total bear market, and now it has come round $4.11. The asset is down 91% from its ATH.
The market continues to decrease in value as this is yet another red day in the cryptocurrency markets. The positive thing – the dominance of Bitcoin over other cryptocurrencies is still increasing rapidly.
Baidu, the operator of China’s leading internet search engine, has shut down some of its popular cryptocurrency-related chat rooms, also known as Post Bar services, including “Digital Currency Bar” and “Virtual Currency Bar.” When visiting the web-pages of these chat rooms, it shows that they are temporarily closed “in accordance with relevant laws, regulations and policies.”
Meanwhile, Tencent and Alibaba have said that they are cracking down on any transactions related to cryptocurrencies on their mobile payment services.
Tencent said that the company will ban cryptocurrency trading on WeChat through measures including real-time monitoring of daily transactions and block suspicious transactions when necessary.
Also an Alibaba-controlled Ant Financial said that it will restrict or ban accounts on its internet-payment platform Alipay when they are found to involve cryptocurrency trades.
Both Alibaba and Tencent declined to specify how they monitor cryptocurrency trading. Alibaba is the owner of the South China Morning Post.
It looks like China is continuing its way to an all cryptocurrency ban, since September 2017, when they banned domestic exchanges and ICO’s. Earlier this month, Beijing’s central Chaoyang district issued a notice of banning hotels, office buildings and shopping malls in the area from hosting events which are promoting cryptocurrencies. And just recently censors shut down numerous cryptocurrency-focused news accounts on WeChat, including some owned by media start-ups that raised several million dollars in venture capital.
China, by any means, wants to forbid any kind of cryptocurrency rotation between its citizens, which isn’t that surprising, because it’s coming from a dictatorship country and they can regulate whatever they want.
Do you think China might change their position when cryptocurrencies become massively adopted?
SEC recently found a suspicious project called “Tomahawk Exploration LLC”. Tomahawk promised its investors to be an intermediary and convert their funds into the shares of the company specializing in oil production. The prices of oil would go up, and the investments would grow correspondingly.
The Commission has shut the company down with a fine of $30k, also the ex CEO of Tomahawk is not allowed to hold any leading positions of any enterprise or own any company shares.
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