China turning positive on crypto and Terra founder Do Kwon remains in Europe

For once, all the crypto news today comes from Asia. While we witnessed some positive crypto news on Chinese state television for the first time in a rather long time, South Korea is still awaiting the extradition of Terra CEO Do Kwon. The latter managed remain in a prison in Montenegro, which is probably better than being extradited.

Bull run

CCTV, China Central Television, showed a segment about crypto and how it is once again becoming a major industry in Hong Kong. As trading Bitcoin in China has been officially banned since 2021, this is rather remarkable. Changpeng Zhao, Binance’s CEO, even pointed it out himself. He said there was a serious buzz on Chinese social media afterwards and this has always been the impetus for a bull run in crypto in the past.

CCTV (China Central Television) just broadcasted crypto. It’s a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.

Not saying past predicts the future. And not financial advice.https://t.co/2wcArnPI93

— CZ 🔶 Binance (@cz_binance) May 24, 2023

CCTV’s audience is about 1 billion people a day, so there’s a possibility that a few hundred million people who haven’t talked about Bitcoin for two years are thinking about it now, of course.

Do Kwon remains in Montenegro

Terra CEO Do Kwon managed to evade justice for a long time, but was eventually arrested in Montenegro. Two countries are asking for his extradition to explain the $40 billion hole that the bankruptcy of his crypto platform Terra left behind. They are South Korea and the United States.

As he faces a much longer prison sentence in the United States, Do Kwon’s team of lawyers are still trying to secure an extradition to South Korea. The judge in Montenegro has meanwhile decided that more time is needed to pass judgment on the fate of the crypto entrepreneur therefore Do Kwon can currently remain in a Montenegro prison.

Kwon was arrested at Podgorica airport on 23 March, just before boarding a flight to Dubai.