NFT market defies crypto dip, Do Kwon trial date set, North Dakota eyes Bitcoin | Weekly Recap

Today’s edition of the weekly recap includes top headlines of Do Kwon, Razzlekhan’s new music video, Bitcoin’s price slump, Bhutan’s crypto reserve, and other trending news items.

Do Kwon trial date set for early 2026

• The Terraform Labs co-founder’s trial is scheduled for Jan. 26, 2026, in New York’s Southern District Court.
• Do Kwon, who pleaded not guilty to multiple fraud charges, will remain in federal detention until the trial. The proceedings, expected to last four to eight weeks, will address criminal charges related to the $40 billion collapse of TerraUSD and Terra (LUNA) in 2022.

Mango Markets announces closure

• The Solana (SOL)-based decentralized exchange will cease operations on Monday after an SEC settlement requiring 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.

Will Meta go crypto?

• Ethan Peck, a National Center employee, submitted a Bitcoin Treasury Shareholder Proposal to Meta on behalf of his family, marking yet another attempt to bring the cryptocurrency to the boardrooms of tech giants.
• Tim Jotzman, a Bitcoin podcast host, shared the proposal on Jan. 10 via a social media post.

Heritage toasts Bitcoin

• Heritage Distilling Holding Company has announced a new Bitcoin Treasury Policy Statement, holding it as a strategic asset.
• The company also plans to allow customers to purchase products on its direct-to-consumer e-commerce platform using Bitcoin. It will also acquire and hold Bitcoin as part of its corporate treasury strategy.

Standard Chartered establishes new crypto custody

• Standard Chartered launched a new digital asset custody entity in the European Union, building on its September launch in the UAE.
• The British bank is among the first global institutions to adopt crypto trading, operating Bitcoin (BTC) and Ethereum (ETH) trading desks.

North Dakota proposes crypto investment

• North Dakota’s State Legislature introduced Resolution 3001, proposing investment in digital assets and precious metals to fight inflation.
• The proposal plans to invest select state funds in digital assets and precious metals as an inflation hedge. Representatives Nathan Toman, Matthew Heilman, Jared Hendrix, Daniel Johnston, SuAnn Olson, and Todd Porter, along with Senators Jeff Barta and Bob Paulson, are backing this initiative.

DOJ approval to sell Silk Road BTC

• The Department of Justice cleared a major hurdle 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.”

Asian regulatory situation changes

• South Korea is preparing a policy shift as the Financial Services Commission plans to gradually open cryptocurrency trading to institutions, beginning with non-profit organizations.
• This is a different stance from current restrictions limiting trading to retail investors with real-name accounts.
• In another development from South Asia, a city in Bhutan has adopted a crypto reserve strategy incorporating Bitcoin, Ethereum, and BNB.

UK Judge dismisses £600 million BTC lawsuit

• In the UK, Judge Andrew John Keyser KC dismissed James Howells’ high-profile case against Newport City Council regarding a discarded hard drive allegedly containing £600 million in Bitcoin.
• Howells had sought either landfill access or £495 million in compensation after his former partner reportedly disposed of the drive in 2013.

Bybit temporarily pauses in India

• 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, allowing users to close their positions but preventing them from making modifications or adding to them.

NFT market shows strength

• The NFT market showed independent strength despite broader cryptocurrency weakness. While Bitcoin and Ethereum fell, NFT sales volume increased 10.70% to $155.4 million.

Bitfinex’s Razzlekhan drops music video

• 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.

Source