The announcement posted by JNat on the now closed article reads:
You are welcome to resubmit an application to create a Stack Exchange site, but please refrain from creating additional accounts in the future
In other words, they got a second chance.
I am not that happy either about all the blockchain proposals Area51 gets spammed with. Too many of them get supported by a suspicious amount of new users in a suspiciously short time, get launched, and then become lifeless low-activity sites because all the hype was purely artificial (just look at the site stats of eosio, tezos, iota or monero). I have the impression that almost all of them are pushed heavily by the companies behind them to give credibility to their product ("See? Even Stack Exchange takes us seriously! We are the future! Give us your investment funds now!"). Sometimes by half-legitimate methods like promoting the proposal heavily among a community which is more interested in securing their investment by giving the product the impression of legitimacy rater than to actually ask questions about the product. Sometimes through illegitimate methods like fake accounts.
If I were Stack Exchange, I would have pulled the plug on this long ago. Create a site Cryptocurrency and Blockchain and redirect all attempts to exploit Stack Exchange as a promotional tool for the newest attempt to cash in on the blockchain hype there.