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That means that clearly non-Chinese ICOs didn't kill their start-up funding plans because of bans in China (and subsequent bans in South Korea). Instead, most put their plans to launch on pause to figure out ways to legitimize their activity and find the right investors now that simple crowdsourcing these things in China is illegal under the ban. Chinese with crypto wallet accounts in Singapore, Hong Kong, London and elsewhere are still buying tokens of companies listing on exchanges and still speculating in cryptocurrencies.

Open Money found Chinese smart money. They built relationships with Chinese venture funds over the years and private asset managers who are now delving into the crypto markets. Those characters in China are known as "whales". The whales tend to be large funds with tens of millions of dollars to throw around, often belonging to the family offices of Chinese multi-millionaires and billionaires.

"We are definitely getting Chinese money and are still talking to a number of China-based funds," Sangha says