Concerns have emerged within Solana's Chinese community regarding attendees being denied entry to a blockchain event, coinciding with China's ongoing efforts to regulate digital assets.
A report from the South China Morning Post on Wednesday indicated that the Solana Accelerate APAC series event, held in Shenzhen on Tuesday, was prematurely concluded. This decision was reportedly made due to claims of overcrowding, which prompted local police to conduct an on-site inquiry.
Event organizers acknowledged that the venue had surpassed its capacity and subsequently canceled the final hackathon, citing public safety as the reason. However, the presence of law enforcement reignited anxieties on social media, with participants reportedly voicing apprehension about the country's stringent enforcement of cryptocurrency and blockchain regulations.
Earlier on Monday, leadership from the People's Bank of China announced that authorities would collaborate with law enforcement agencies to intensify crackdowns on cryptocurrency activities, with a particular focus on speculative ventures. Cointelegraph reached out to the Solana Foundation for comment but had not received a response by the time of publication.
The Solana network, which was launched in 2020 by Solana Labs, has experienced significant growth, establishing itself as one of the most active blockchains within the cryptocurrency industry.
Solana ETFs Gain Traction in the United States
In the United States, several asset management companies are accelerating the listing of exchange-traded funds (ETFs) linked to Solana (SOL). Grayscale Investments announced on Wednesday the launch of its staking-enabled Solana ETF on NYSE Arca. This follows the debut of Bitwise's Solana ETF on Tuesday, which garnered approximately $223 million in assets.
Data from Nansen indicates that the price of SOL has seen an increase of about 7% over the past seven days. It rose from $177.80 to $194.08 at the time of publication.