CoinSmart Crypto Recap May 25, 2023

crypto recap

Welcome to the CoinSmart crypto recap. Let’s look at the hottest stories that came up this past week. Here is an overview:

  • Chinese State Broadcaster Airs Segment On Cryptocurrencies
  • $MULTI Plummets Amid Technical Issues and Rumors Of Leadership Arrest

Chinese State Broadcaster Airs Segment On Cryptocurrencies

On May 23, China Central Television (CCTV) aired a report discussing the adoption of cryptocurrencies in Hong Kong. The report highlighted that Hong Kong regulators are finalizing preparations for the trading of virtual assets and will start accepting applications from virtual asset trading platforms. Zhonghui Cai from the Securities and Futures Commission (SFC)  acknowledged challenges in regulating virtual asset providers, including cybersecurity and potential conflicts of interest. 

CCTV’s broadcast on cryptocurrency regulation in Hong Kong, despite China’s stringent crypto policy, hints at a possible change in China’s regulatory stance, suggesting a potential reassessment of its views on digital currencies.

$MULTI Plummets Amid Technical Issues and Rumors Of Leadership Arrest

The cryptocurrency MULTI has experienced a 29.4% decline in the last 24 hours amid a series of issues that have raised concerns among its user base. Users have been reporting pending transfers for several days, with one of the Multichain routers, an important part of the asset transfer process, cited as the problem. In response to the issue, the team is upgrading the RPC-backend node. However, the Multichain leadership team has remained silent, leading to further uncertainty among users, especially with $1.5 billion in total value locked in the cross-chain protocol. Additionally, multiple cross-chain bridge pathways are not operational, and unverified rumors suggest that the core leadership team may have been arrested in China. DJ Qian, Multichain co-founder, has reached out to the current CEO and founding partner for technical help, while the VP of Strategic Partnerships stated he was unaware if the leadership had indeed been detained.

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