Gongxinbao: We Did Not Sell Data, Announce Project Plan for the Coming Year
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Gongxinbao: We Did Not Sell Data, Announce Project Plan for the Coming Year
No data was sold! Unrelated to blockchain core business! Only affected by a third-party application.
Navigating Web3 tides with focused insightsRecently, the first-instance judgment document regarding the founder of GXChain (hereinafter referred to as "our company") being involved in a case of "operating a gambling establishment" was made public by Xihu District People's Court. Some online media outlets, without conducting interviews or verification and lacking authentic primary sources, have fabricated false narratives and published exaggerated headlines to attract public attention. Such inaccurate reporting is not unprecedented—back in 2019, certain self-media platforms spread misinformation under sensational titles like "From a $600 Million Market Cap to Being Seized and Dissolved: The Turbulent Life of GXChain."
These false reports have circulated widely among the public, distorting facts online and causing misunderstandings, leading to negative speculation about our company and causing significant distress to our founder, Mr. Huang Minqiang.
To protect the legitimate rights and interests of our company and Mr. Huang Minqiang, we hereby issue the following formal statement:
1. GXChain (including the GXChain public blockchain project, GXChain Capital, and all ecosystem applications) is currently operating stably, with all operations proceeding normally and project development progressing steadily. To reassure and enable oversight by our industry users, we will publish GXChain’s roadmap for the coming year at the end of this statement.
2. On September 11, 2019, our company was sealed and investigated by judicial authorities due to involvement linked to an ecosystem partner. This incident was unrelated to our data or blockchain businesses. Allegations circulating online claiming that "GXChain sold data" or referencing a "GXChain data scraping price list" are entirely fabricated. Going forward, we will take legal action against any individual or entity that publishes unverified false information about our blockchain or data operations, holding them accountable to safeguard the rights of our company and Mr. Huang Minqiang.
3. Two years ago, our founder Mr. Huang Minqiang encouraged DApp developers to join "Block City," an application under our company, to promote the development of the GXChain ecosystem. Due to insufficient review of third-party applications, one mini-program called "Bide" was found to involve gambling activities, resulting in our indirect association. Our company has since returned all revenue generated from the "Bide" mini-program and established a dedicated review team to strengthen future vetting of ecosystem partners.
4. The "Bide" mini-program was independently developed and operated by a third-party company, Hangzhou Byzantium Technology Co., Ltd. Claims that "GXChain developed the Bide mini-program" are false. No employee of our company participated in the development or operation of "Bide."
5. During the two-year probation period, our founder Mr. Huang Minqiang continues to lead major strategic decisions, organize discussions, determine corporate development plans, operational policies, annual objectives, and oversee significant daily operations. Throughout this two-year period, Mr. Huang will remain under joint supervision by judicial authorities and the public. Provided no further incidents occur, the original sentence may be waived upon completion of the probation term.
6. The individuals referred to as "Tu Mou" and "Shu Mou" in the court judgment are not senior executives of our company. Tu Mou was formerly a shareholder of Hangzhou Cunxin Data Technology Co., Ltd., a subsidiary of ours, and left the company in December 2018 for personal reasons. Shu Mou serves as vice president of Bide (Hangzhou Byzantium Technology Co., Ltd.). Therefore, media reports alleging that "three top executives of GXChain operated a gambling site" are factually incorrect.
We urge media outlets that have violated principles of truthfulness and objectivity to conduct direct interviews or research, gather authentic first-hand materials, and make rational, well-informed judgments before publishing content. All official company information should be based solely on disclosures from our official website, official WeChat account, and official Weibo account. Reporting must be truthful—avoid exaggeration and refrain from using sensational or misleading headlines to attract public attention.
Valuable information comes from authentic stories and sound reasoning—not from exaggerated headlines or fictional narratives. Only when industry voices uphold factual integrity can the blockchain industry achieve healthy, sustainable growth.
Regarding the September 11 incident last year, our company paid a heavy price. Over the past year, negative rumors have persisted. While financial losses were relatively minor, the erosion of user trust was deeply concerning. For over a year, due to the lack of official disclosure by judicial authorities, we were unable to provide clear clarification. Now that the judgment has been made public, we can finally affirm clearly: GXChain has never sold any user data. We stand by our users' trust—what occurred on September 11 was merely a consequence of a third-party application's misconduct.
In light of this recent "involvement in gambling" incident, relevant departments and personnel have conducted deep reflection. Moving forward, we will strengthen our review processes for ecosystem applications and partners. We welcome rational public oversight and constructive suggestions, and sincerely call on all parties to respect the facts and work together with us to foster healthy industry development.
Furthermore, we reserve the right to pursue legal action against any malicious defamation or dissemination of false information.
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