According to ChainCatcher, seven years ago on September 4, 2017, seven central ministries and commissions halted ICO activities. The closing price of Bitcoin on that day was $4,100. It then fell to $2,817 on September 15, 2017.

On September 4, 2017, as many as seven Chinese government departments issued the "Notice on Preventing the Risks of Token Issuance and Financing", halting ICOs and defining them as illegal financial activities. All domestic virtual currency trading platforms were ordered to close within a time limit and stop registering new users.