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Chinese TV’s crypto ‘bull run’ report censored, Multichain crisis: Asia Express

magazine-Asia-Express-Jan-20-scaled.jpeg

Chinese state TV’s crypto news report gets memory holed, Multichain token plunges as arrest rumors swirl, memecoin hype subsides, and more.

Crypto embraced, then forgotten by Chinese state television


On May 23, China Central Television (CCTV), the countrys government-owned broadcasting corporation, aired a short, 98-second segment regarding the adoption of cryptocurrencies in Hong Kong.

During the session, state news anchors briefed its audience on how Hong Kong regulators have made final preparations for the trading of virtual assets in the special administrative region and will accept applications from virtual asset trading platforms. Interestingly, nothing overtly negative about cryptocurrencies was mentioned during the broadcast a sharp contrast to Chinas official policy that banned cryptocurrency mining and exchanges elsewhere in the country.

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For some viewers, such as Binance CEO Changpeng Zhao, the programming represented a big deal. Zhao reports that the Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.

Unfortunately, the euphoria was short-lived, as Chinese authorities appear to have taken down the link just two days after the program aired. This wasnt the first time such incidents have occurred. Last month, Douyin, the Chinese version of TikTok, began publishing cryptocurrency price quotes within its in-app search index. The move stirred a major bullish frenzy among Chinese crypto users, but the price quotes were removed from the app just one day later, replaced by a message stating: Unofficial digital currencies do not possess the same legal standing as fiat currencies. Please invest cautiously.”

The now-deleted CCTV HK crypto segment (Web3 dongxiang)

Hong Kong finalizes cryptocurrency regulations

In addition to allowing virtual asset trading platforms to obtain proper licensing, SFC officials stated on May 23 that exchanges could also provide services to retail investors, contrary to its guidance last May that focused on an institution-only approach.

Shortly after the announcement, cryptocurrency exchange Gate.io kickstarted its Gate.HK platform for registration and trading services in the special administrative region. Then, Hong Kong virtual bank ZA Bank said it would launch virtual asset trading services for retail investors under the new Hong Kong licensing regime. Now that the rules are crystal clear, the SFC wrote:

Operators of virtual asset trading platforms who are prepared to comply with the SFCs standards are welcome to apply for a licence. Those who do not plan to do so should proceed to an orderly closure of their business in Hong Kong.

Do Kwons bail revoked

Before the collapse of the $40 billion Terra Luna (LUNC) ecosystem in May 2022, Terraform Labs co-founder and CEO Do Kwon was known for making fun of critics based on their level of wealth compared to himself (your size is not size.”)

However, it appears that Kwon has finally gotten into some trouble that cannot be solved with money. On May 25, the High Court of Montenegro revoked both Kwons, and former Terraform Labs chief financial officer Han Chong-joons 800,000 euro ($858,000 bail and ordered their return to jail from previous house arrest. The blockchain executives were apprehended on March 23 in Podgorica Airport over allegedly falsified documents after being on the run for roughly six months from an Interpol Red Notice.

Kwon faces up to 40 years imprisonment in the criminal proceedings against him in South Korea and five years in prison on the falsified charges in Montenegro. Court filings state:

In the renewed proceedings, the court will proceed according to the High Court’s grounds for termination and after that make a decision based on the proposal of the defense counsel for the defendants to accept bail. By the decision of this court, the defendant’s detention was extended. The main hearing is scheduled for June 16.

Do Kwon taken away by Montenegrin Police for detention (Twitter)

Cross-chain token plunges 30% after arrest rumors

On May 24, the token price of Singaporean cross-chain router protocol Multichain (MULTI) fell by 30% over 24 hours to trade at $4.97. The sell-off began after users reportedly had abnormally long transaction times following a recent backend node upgrade that caused certain routes, such Kava, zkSync and Polygon zkEVM, to become temporarily suspended.

While the project promised that all affected transactions will arrive after the upgrade is complete, investor alarm turned into a full-blown panic after one user tweeted arrest rumors. The tweet, which garnered 820,000 views, alleged without evidence that Multichain developers had been arrested by Chinese police with $1.5 billion dollars of contract funds under control. Multichain is currently headquartered in Singapore with around $1.6 billion in total value locked.

Alfred Xu, a Multichain co-founder, quickly stated thereafter in the protocols Chinese Telegram chat that: Currently all team members are safe and sound, the main operations are proceeding as normal.

However, on May 25, Chinese blockchain news aggregator PANewsLab reported that Multichain co-founder and CEO Zhao Jun is currently unreachable. At the same time, DeJun Qian, another co-founder of Multichain, said on Twitter that while he is personally safe and sound, he, too, could not reach fellow co-founder and CEO Zhao Jun.

On May 25, Binance announced that it would be suspending 10 bridge networks associated with Multichain until it receives clarity from the development team. It has since resumed the Fantom to Ethereum Multichain bridge. The same day, Andre Cronjes Fantom protocol ceased providing liquidity with MULTI on the decentralized exchange Uniswap due to uncertainty surrounding the development team but said funds had not been sold. Approximately $777 million in funds of Ethereum, $405 million on BNB Chain, and $100 million in funds on Fantom are currently held with Multichain.

Multichain’s total value locked over time (DefiLlama)

Memecoins come, memecoins go

After a period of crazy returns on investment and joint listings on Asia Pacific-focused crypto exchanges, the price of memecoins such as Pepe Coin (PEPE) and Milady (LADYS) have fallen by over 50% within the past two weeks. Though, in hindsight, this shouldnt have come as a surprise to anyone as developers of such tokens have warned that the coins they created have no intrinsic value, and are completely useless. According to a report published by cross-chain wallet developer BitKeep:

It is important to recognize that memecoins derive their value primarily from short-term hype and speculative fervor. Consequently, the likelihood of these coins retaining any significant value over the long term is relatively low. Memecoins typically exhibit remarkably short life cycles, and their popularity tends to wane relatively quickly. Therefore, it is prudent to approach memecoins as short-term investments that are best bought and sold during periods of peak popularity.

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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