Xunlei plunges as Chinese industry group warns on crypto trading

Xunlei Limited (NASDAQ:XNET) -- a video/advertising firm before its "Wanke coin mining" project put it into the blockchain/crypto space -- is off 27% following a Chinese industry group warning over the burgeoning area.

On WeChat, China"s National Internet Finance Association posted a statement syaing its members shouldn"t be conducting illegal activities and shouldn"t engage in any ICO-related or cryptocurrency trading.

The group thinks Xunlei"s LinkToken, made for financing by nature, is an example of an ICO in "disguise." (h/t Bloomberg)

Still, at $16.73 currently, the stock is nearly quadruple its October price pre-pivot.

Nguồn: seekingalpha.com