Web3 lifestyle app STEPN suffered a massive crash in the wake of the Chinese ban, falling 75% from its all-time high. Analysts have criticized STEPN’s token economy, saying its play-to-earn altcoin projects are at risk of falling into a similar death spiral.
Altcoin price raises red flags on news of China pullout
cryptocoin.com As we also reported, web3 coin STEPN has announced that it has closed the app to users in China due to the regulatory guidelines involved. Fueled by this development, the price of STEPN’s token GMT saw a massive decline, raising red flags and losing 8.5% overnight.
STEPN, an app that works with Proof of Move (PoM), has announced that it is abruptly shutting down users in mainland China, citing regulatory concerns. STEPN informed its users via its Twitter account as follows:
In order to be able to react actively to relevant regulatory guidelines, STEPN will take stock of the software users. According to its Terms of Service, if users are found in mainland China, STEPN will stop providing GPS and IP location services to their accounts on July 15, 2022 (UTC+8) at midnight.
The platform also asked users to make their own decisions about the use of in-app assets and NFTs when using their account from an IP location in mainland China. STEPN stated that further details on this development will be communicated to users via media announcements and email.
The play-to-earn application, where users earn cryptocurrency according to their movements tracked by their smartphones, noted that it will continue to provide users with a superior experience and apologized for the inconvenience this caused. STEPN has refrained from doing business in mainland China since the platform was founded. As the platform pulls its app for users in China, users are reminded to beware of scams.
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