A recent blockchain event in China was apparently ended prematurely due to an unexpected number of participants, as such actions from the authorities have spurred trepidation among attendees concerning the growing governmental limits on cryptocurrencies.

According to a Wednesday article from the South China Morning Post, the Solana Accelerate APAC series event that took place in Shenzhen on Tuesday had to be cut short because of overcrowding, prompting local law enforcement to investigate the situation on-site.

Event hosts acknowledged that the gathering surpassed its allowable capacity and decided to cancel the concluding hackathon for the sake of public safety. The increased police presence, however, reignited unease on social media, with many attendees vocal about their concerns regarding the ongoing governmental enforcement of crypto and blockchain initiatives.

Leadership within the People’s Bank of China communicated earlier this week that they would be collaborating with law enforcement to enforce stricter regulations on digital currencies, especially concerning speculative practices. Cointelegraph had sought comments from the Solana Foundation, but a response was not received by the publication’s deadline.

The Solana network, established in 2020 by Solana Labs, has quickly developed into one of the most dynamic blockchains within the cryptocurrency sector.

Solana ETFs Draw Attention in the United States

In the U.S., various asset management firms are starting to increase listings for exchange-traded funds associated with Solana (SOL). On Wednesday, Grayscale Investments revealed that it had rolled out its staking-enabled Solana ETF on NYSE Arca, while Bitwise’s Solana ETF made its debut on Tuesday, amassing roughly $223 million in assets.

Data from Nansen indicates that the price of SOL has surged by approximately 7% over the past week, rising from $177.80 to $194.08 at the time of this report.