Key Points
- Important updates include Do Kwon’s trial, Mango Markets’ closure, and developments in crypto regulations and adoption.
- NFT market strength, Bitfinex’s Razzlekhan’s music video, and crypto-related proposals and strategies also featured in the news.
Do Kwon, co-founder of Terraform Labs, is set to face trial on January 26, 2026, in the Southern District Court of New York.
Accused of multiple fraud charges, Kwon, who has pleaded not guilty, will remain in federal custody until the trial. The court proceedings will focus on criminal charges related to the $40 billion collapse of TerraUSD and Terra (LUNA) in 2022.
Mango Markets Shuts Down
Mango Markets, a decentralized exchange based on Solana (SOL), will cease operations following an SEC settlement that necessitates the destruction of MNGO tokens and their removal from all exchanges.
The protocol will implement changes to interest rates and collateral requirements on January 13 at 8 p.m. UTC, with both proposals receiving unanimous support.
A Bitcoin Treasury Shareholder Proposal was submitted to Meta by Ethan Peck, an employee of the National Center, on behalf of his family.
This marks another attempt to introduce cryptocurrency to the boardrooms of tech giants. Tim Jotzman, a Bitcoin podcast host, shared the proposal on social media on January 10.
Bitcoin Adoption and Crypto Custody
Heritage Distilling Holding Company announced a new Bitcoin Treasury Policy Statement, holding Bitcoin as a strategic asset.
The company also plans to accept Bitcoin for purchases on its direct-to-consumer e-commerce platform and will acquire and hold Bitcoin as part of its corporate treasury strategy.
Standard Chartered has established a new digital asset custody entity in the European Union, further expanding on its September launch in the UAE.
The British bank is one of the first global institutions to adopt crypto trading, operating Bitcoin (BTC) and Ethereum (ETH) trading desks.
Resolution 3001, proposing investment in digital assets and precious metals as an inflation hedge, was introduced by North Dakota’s State Legislature.
The proposal plans to invest select state funds in digital assets and precious metals. Several state representatives and senators are backing this initiative.
The Department of Justice cleared a major obstacle in its largest-ever cryptocurrency asset sale.
A federal judge denied Battle Born Investments’ attempt to block the sale of 69,370 Silk Road Bitcoin, seized in 2020 from an unidentified hacker known as “Individual X.”
South Korea is preparing for a policy shift as the Financial Services Commission plans to gradually open cryptocurrency trading to institutions, starting with non-profit organizations.
This is a departure from the current restrictions limiting trading to retail investors with real-name accounts. Additionally, a city in Bhutan has adopted a crypto reserve strategy incorporating Bitcoin, Ethereum, and BNB.
In the UK, a high-profile case against Newport City Council brought by James Howells was dismissed by Judge Andrew John Keyser KC.
Howells had sought either landfill access or £495 million in compensation after his former partner reportedly disposed of a drive allegedly containing £600 million in Bitcoin in 2013.
Bybit announced a temporary suspension of services for Indian users, maintaining only withdrawal access while pursuing registration as a Virtual Digital Asset Service Provider.
During this period, Indian users will be unable to open new crypto or fiat trades, access trading products, or participate in campaigns. Existing derivatives positions will be set to “close-only” mode.
Despite broader cryptocurrency weakness, the NFT market demonstrated independent strength.
While Bitcoin and Ethereum fell, NFT sales volume increased by 10.70% to $155.4 million.
Heather Morgan, known as Razzlekhan, released a new music video titled “Razzlekhan vs. The United States” ahead of her 18-month prison sentence for allegedly laundering BTC stolen from Bitfinex.
The video notably avoids direct references to her legal proceedings.