Authorities in Thailand have confiscated 996 Bitcoin mining rigs in Chon Buri province, accusing operators of illegally tapping into the power grid. The raid, conducted on 8 January in the Phanat Nikhom district, targeted JIT Co., a digital asset trading firm that allegedly tampered with power meters to avoid electricity charges. Losses to local providers are estimated in the hundreds of millions of baht.
Despite solar panels being present on the site, investigators revealed they were not connected to the equipment, which relies on immense computing power to mine Bitcoin. Thai officials highlighted the heavy energy demands of mining, which can cost hundreds of thousands of baht per Bitcoin, compared to the typical household electricity bill of 750 baht.
The case underscores the growing global challenge of managing crypto mining’s resource demands. Thai regulators reiterated the need to safeguard public utilities as they continue investigating the scheme and identifying additional parties involved.
Bitcoin’s price took a sharp tumble below $95,000 on 8 January, reversing gains from earlier in the week when it briefly surpassed $100,000. The sell-off was largely driven by short-term holders (STHs), who moved over 26,000 BTC worth more than $2.4 billion to exchanges, often at a loss.
According to analysis from Alphractal, STHs have shown a growing tendency to liquidate their holdings rather than accumulate, a trend evident since early December. This shift has weakened demand and amplified Bitcoin’s price volatility in recent weeks.
The data highlights how short-term investor behaviour continues to play a pivotal role in shaping Bitcoin’s market trends, as their decisions ripple across the broader cryptocurrency landscape.
The European Union’s landmark crypto regulation, the Markets in Crypto-Assets (MiCA) framework, officially took effect on 30 December 2024, promising to streamline the industry across all 27 member states. MiCA introduces a unified rulebook to replace the fragmented national laws that previously governed the sector. Its goals include boosting transparency, reducing risks for investors, and fostering innovation in an industry often marred by scams and market instability.
Under MiCA, crypto token issuers must meet strict disclosure standards, while exchanges and wallet providers are required to register with the European Banking Authority. Stablecoins, particularly asset-referenced and electronic money tokens, face rigorous scrutiny, including reserve requirements and sustainability disclosures. However, the regulation has brought significant challenges, such as high compliance costs and operational overhauls, which could force smaller companies to relocate to less stringent jurisdictions like the UAE or UK.
Experts believe MiCA offers long-term benefits, including clarity and stability for the crypto sector, but warn that its strict demands might stifle innovation for startups. The regulation’s success will hinge on consistent enforcement across the EU and its ability to balance oversight with fostering growth. As Europe navigates this new framework, it signals a global shift, with the US also taking steps to establish itself as a crypto leader under its incoming administration.
A High Court judge has dismissed a legal challenge by James Howells, who sought to recover a Bitcoin hard drive worth nearly £600 million from a Newport landfill. Howells claimed his former partner mistakenly discarded the device in 2013 and had repeatedly asked the council for permission to excavate the site. He argued that the lost cryptocurrency should be returned to him or that he should receive £495 million in compensation.
Newport City Council opposed the claim, stating that existing laws meant the hard drive became council property when it entered the landfill. The judge ruled there were no reasonable grounds for the case to proceed, as the claim had no realistic chance of success. Environmental regulations also prohibited digging up the site, which contains more than 1.4 million tonnes of waste.
Howells, who mined the Bitcoin in 2009 when it was virtually worthless, expressed disappointment at the ruling, calling it a “kick in the teeth.” He had offered to share a portion of the recovered cryptocurrency with the council and the local community. With Bitcoin’s value surging in 2024, he speculated that the hard drive’s worth could exceed £1 billion by next year, but the legal route to reclaiming it has now been firmly closed.
A decade-long fight for a lost Bitcoin fortune has ended bitterly for James Howells, an IT engineer from Newport, Wales. The Cardiff High Court dismissed his case against Newport City Council, rejecting his bid to access a landfill where a hard drive containing 8,000 Bitcoins lies buried. The drive, discarded in 2013, holds an estimated $700-750 million as Bitcoin recently soared above $94,000 per unit.
Howells had offered the council a share of the recovered fortune and £495 million in compensation but was denied on environmental grounds. Judge Keyser KC ruled that the claim lacked “reasonable grounds” and upheld the council’s ownership of the landfill contents. Howells asserted the drive was within a 100,000-tonne section of the 1.4 million tonnes of waste.
Reacting to the decision, Howells called it a “kick in the teeth,” lamenting the missed opportunity to recover the lost fortune. Despite assembling a team of experts and holding multiple negotiations, he faced insurmountable legal and environmental roadblocks, bringing an end to the saga.
China has unveiled its ambitious ‘National Data Infrastructure Construction Guidelines,’ placing blockchain technology at the centre of its strategy to enhance data security, transparency, and scalability. The guidelines aim to establish a blockchain-powered data infrastructure nationwide by 2029, advancing the country’s digital transformation goals.
The plan, announced by the National Development and Reform Commission, outlines a phased approach. Between 2024 and 2026, pilot projects in key regions will test blockchain frameworks and decentralised applications across sectors such as finance, green energy, and manufacturing. By 2028, these pilots are expected to evolve into integrated national blockchain networks supporting secure, large-scale data exchanges.
Central to the initiative is the creation of “trusted data spaces” that enable multi-party data sharing with privacy and ownership guarantees. These spaces will tackle governance challenges, ensuring data traceability and integrity across industries like logistics, e-commerce, and financial services. Blockchain-driven data markets will also allow the tokenisation and secure trading of data assets, unlocking new revenue streams and incentivising sharing at scale.
China’s guidelines further focus on combining blockchain with advanced privacy technologies to safeguard sensitive information while allowing secure data analysis. By decentralising data flows and integrating real-time monitoring, the initiative seeks to bolster security, reduce vulnerabilities, and position blockchain as a cornerstone of the nation’s digital economy.
South Korea is preparing to lift its ban on institutional cryptocurrency trading, signalling a significant shift in the country’s crypto market. The Financial Services Commission (FSC), South Korea’s top financial regulator, announced plans to collaborate with the Digital Asset Committee to phase in institutional trading, beginning with non-profits. Until now, only individual traders with verified accounts have been allowed to trade cryptocurrencies, as banks have been restricted from enabling institutional accounts.
The country is also eyeing broader modernisation of its digital asset landscape. Speaking at the Securities and Derivatives Market Opening Ceremony, Korea Exchange Chairman Jeong Eun-bo revealed plans to consider cryptocurrency spot ETFs by 2025, taking cues from global examples. He emphasised the exchange’s goal of expanding opportunities within the capital market.
Additionally, South Korea’s FSC is working on measures to enhance security in crypto investments. The introduction of the Virtual Asset Investor Protection Act last year demonstrates a commitment to safeguarding traders and enabling innovative tools like security token offerings.
Oklahoma State Senator Dusty Deevers has introduced the Bitcoin Freedom Act, paving the way for residents and businesses to opt for Bitcoin as a means of payment. The bill, filed as SB325, allows salaries and transactions in Bitcoin on a voluntary basis, aligning with free-market principles. Senator Deevers emphasised that Bitcoin offers a solution against inflation and safeguards financial independence amidst the declining value of the US dollar.
The act also aims to provide a secure framework for Bitcoin’s use in Oklahoma, positioning the state as a leader in financial technology. Deevers, a vocal critic of central bank digital currencies (CBDCs), underscored Bitcoin’s decentralised nature as a tool for promoting financial privacy and sovereignty. “Bitcoin promotes financial sovereignty,” he said, highlighting its resistance to government interference.
The move builds on Oklahoma’s proactive approach to cryptocurrency. Last year, Governor Kevin Stitt enacted legislation supporting blockchain firms and safeguarding Bitcoin mining activities. As the Bitcoin Freedom Act heads for consideration in February, Oklahoma continues to embrace the future of finance while offering its citizens new financial opportunities.
Do Kwon, the founder of Terraform Labs, is facing a criminal trial in the US, currently anticipated for early 2026. Prosecutors are dealing with six terabytes of data, encrypted devices, and the need to translate messages from Korean to English, creating significant delays in evidence gathering. District Judge Paul Engelmayer described the extended schedule as unprecedented in his 15 years on the bench.
Kwon denies the nine charges against him, which include securities fraud and money laundering conspiracies related to the $60 billion collapse of the Terra/Luna ecosystem in 2022. The incident impacted over 1 million investors. In a separate civil fraud lawsuit, a New York jury ordered Terraform Labs to cease operations and pay $4.5 billion in fines.
Extradited from Montenegro after 22 months in custody, Kwon has financed his legal defence with $200 million. His lawyers have until next week to request an earlier trial date, with the next hearing scheduled for 6 March.
The Hong Kong Monetary Authority (HKMA) has introduced the ‘Supervisory Incubator for Distributed Ledger Technology’ to support banks in safely integrating distributed ledger technology (DLT). The initiative, announced during the FiNETech4 event, will provide banks with access to a dedicated HKMA team for guidance during live trials and early operations, focusing first on tokenised deposits.
The programme also aims to foster industry-wide growth by sharing best practices and conducting research to enhance understanding of DLT solutions. Arthur Yuen, HKMA deputy chief executive, emphasised the importance of creating a supportive environment for innovation, while Executive Director Carmen Chu highlighted the transformative potential of DLT, including real-time updates and autonomous reconciliation.
This move comes as Hong Kong strengthens its position in digital finance, with legislative proposals to add Bitcoin to national reserves and the approval of four additional licences for virtual asset trading platforms, bringing the total to seven.
