China Central Television (CCTV) aired a short segment on May 23 regarding the adoption of cryptocurrencies in Hong Kong, which was seen as a positive development for the industry. However, the link to the segment was taken down just two days later, leading to speculation about the Chinese government’s stance on cryptocurrencies. Meanwhile, Hong Kong regulators have finalised cryptocurrency regulations, allowing virtual asset trading platforms to obtain proper licensing and provide services to retail investors.
Terraform Labs co-founder and CEO Do Kwon has had his bail revoked and been ordered back to jail from house arrest by the High Court of Montenegro. Kwon and former Terraform Labs CFO Han Chong-joon were apprehended on March 23 over allegedly falsified documents after being on the run for six months from an Interpol Red Notice. Kwon faces up to 40 years imprisonment in South Korea and five years in prison on the falsified charges in Montenegro.
The price of Singaporean cross-chain router protocol Multichain’s token fell by 30% over 24 hours to trade at $4.97 after users reportedly experienced abnormally long transaction times following a recent backend node upgrade. Panic ensued after one user tweeted arrest rumours, alleging without evidence that Multichain developers had been arrested by Chinese police “with $1.5 billion dollars of contract funds under control.” Multichain co-founder and CEO Zhao Jun is currently “unreachable,” according to Chinese blockchain news aggregator PANewsLab.
The price of memecoins such as Pepe Coin and Milady has fallen by over 50% within the past two weeks, highlighting their short life cycles and reliance on short-term hype and speculative fervour. Developers of such tokens have warned that they have “no intrinsic value” and are “completely useless.”
