On September 4, 2017, the People’s Bank of China and six other regulators issued a two-page statement declaring all ICO fundraising illegal in the country, comparing these operations to pyramid schemes. At least 2.62 billion yuan, approximately 400 million dollars, had been raised in China through ICOs since January. Within an hour of the announcement, Bitcoin dropped 5 % and Ethereum fell more than 12 %, with Bitcoin falling below 3,500 dollars two weeks later, a decline of over 30 % from its late August level. Major Chinese exchanges closed successively before year-end, and China has never reopened the door to ICOs since.
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