Solana’s Secret China Event Cut Short – What Crypto Giants Don’t Want You to Know
Ever wonder what happens when a blockchain event gets so packed that the doors have to slam shut—literally? Well, that’s exactly what went down in Shenzhen when the Solana Accelerate APAC event was abruptly cut short due to overcrowding. But here’s the twist: it wasn’t just the jam-packed venue causing a stir. Attendees whispered uneasily about China’s tightening crypto leash, with local police stepping in for an on-site inquiry. It begs the question—can innovation really thrive under the watchful eye of strict regulation? The story’s as much about hustle as it is caution in a market where the future of digital assets hangs in the balance. Dive deeper into this unfolding saga LEARN MORE.
A Chinese blockchain event was reportedly cut short on Tuesday due to overcrowding, but some attendees expressed concerns over the country’s recent crackdowns.
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Some members of Solana’s Chinese community have reportedly expressed concerns that attendees were denied entry to a blockchain event as the country continues its crackdown on digital assets.
According to a Wednesday report from the South China Morning Post, the Solana Accelerate APAC series event being held in Shenzhen on Tuesday was cut short amid claims of overcrowding, “leading the local police to conduct an inquiry on site.”
Event organizers confirmed the venue had exceeded capacity and canceled the final hackathon “for public safety,” per the report. The police presence, however, reignited concerns on social media, with attendees reportedly expressing concerns about the country’s enforcement of crypto and blockchain.
Leadership with the People’s Bank of China said on Monday that authorities would work with law enforcement to crack down on cryptocurrency, particularly in regard to speculative activities. Cointelegraph reached out to the Solana Foundation for comment but had not received a response at the time of publication.
The network, launched in 2020 by Solana Labs, has grown to become one of the most active blockchains in the crypto industry.
Related: Solana staking ETFs are ‘missing part of puzzle’: Bitwise CIO
Solana ETFs at center stage in the US
In the United States, some asset management companies are beginning to accelerate listings of exchange-traded funds tied to Solana (SOL). Grayscale Investments announced on Wednesday that it had launched its staking-enabled Solana ETF on NYSE Arca, and Bitwise’s Solana ETF debuted on Tuesday with about $223 million in assets.
According to data from Nansen, the price of SOL rose about 7% in the last seven days, from $177.80 to $194.08 at the time of publication.
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