Malaysia cracks down on crypto power theft as bitcoin mining drains the grid

  • Authorities identified 13,827 premises involved in illicit power consumption for mining.
  • TNB seized bitcoin mining machines during joint inspections.
  • Smart meters are being installed to detect suspicious energy use in real time.

Malaysia is intensifying its response to rising energy losses linked to cryptocurrency mining, as new figures show widespread electricity theft across the country.

The national utility, Tenaga Nasional Bhd, has reported more than $1 billion in losses from illegal power use between 2020 and August this year.

The scale of the theft has pushed authorities to strengthen monitoring tools, expand inspections, and build new data systems as bitcoin mining operations continue to strain the national grid.

Officials now view the situation as an urgent energy security issue that requires consistent oversight.

Rising cases of electricity theft

The energy and water transformation ministry said 13,827 premises were found using electricity illegally for cryptocurrency mining during the period, according to a written parliamentary reply dated Tuesday.

Malaysia does not have specific rules governing crypto mining, but the activity becomes illegal once meters are tampered with or bypassed.

Such actions fall under offences detailed in the Electricity Supply Act.

The ministry confirmed that these illegal activities caused financial losses of 4.6 billion ringgit, equivalent to about $1.11 billion.

Mining setups require continuous and intense power consumption, which is often concealed to avoid detection.

This has allowed unauthorised operations to drain the grid at a rapid pace.

Coordinated enforcement operations

TNB has been conducting joint inspections with multiple enforcement bodies to respond to the rising cases.

The police, the communications regulator, the anti-graft agency, and other authorities have taken part in these operations.

Their coordinated actions have resulted in the seizure of bitcoin mining machines at many of the identified premises.

With illegal mining activities still increasing, TNB has shifted towards systems that support preventive oversight.

The utility has built a database holding complete records of owners and tenants of premises suspected of involvement in electricity theft related to bitcoin mining.

The ministry said the database helps identify patterns, profile high-risk locations, and support future inspections across different states.

Technology driven monitoring measures

Malaysia is also relying on real-time energy monitoring to reduce losses.

Smart meters are being installed at electricity distribution substations to track consumption patterns and identify manipulation more quickly.

These meters help detect sudden spikes or irregular behaviour, which often indicate hidden mining operations.

Real-time alerts allow TNB to respond faster before theft spreads or expands.

The country’s competitive electricity prices make it attractive for mining operators, which increases pressure on the grid and complicates enforcement.

Since mining is energy-intensive and not directly regulated, authorities are using existing energy laws supported by surveillance technologies to curb illegal consumption.

Strengthening oversight across the grid

Malaysia has chosen to enhance enforcement rather than introduce dedicated mining regulations.

Authorities are relying on interagency cooperation, improved inspection strategies, and expanded data systems to protect the utility network.

TNB continues to refine its approach, as illegal mining operations often shift locations after raids, requiring constant monitoring and updated intelligence.

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Kraken boosts global strategy as Citadel joins fresh investment wave with $200 mn funding

  • Citadel Securities made a strategic investment at a $20 billion valuation.
  • Institutional investors led the first tranche of funding.
  • Kraken plans to grow across Latin America, APAC, and EMEA.

Kraken is entering a new phase of global expansion after securing fresh capital that places the company at a valuation of $20 billion.

The update outlined how this raise will support the firm’s plans for 2026 and strengthen its position across regulated markets, tokenized products, and institutional services.

The company also linked the funding to its broader push into global regions, deeper derivatives activity, and new financial tools.

The announcement signalled a shift toward long-term growth supported by new infrastructure and a wider product lineup rather than short-term market conditions.

Institutional backing drives Kraken capital raise

Kraken raised $800 million through two funding tranches.

The first tranche was led by major institutional players, including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital.

The company added that Kraken Co CEO Arjun Sethi’s family office made a significant commitment to the round.

A further $200 million strategic investment came from Citadel Securities at the confirmed $20 billion valuation.

Kraken said the new capital will support its vertically integrated model that includes equities, derivatives, spot markets, tokenized assets, staking, custody, clearing, and payments.

The company had raised only $27 million in primary capital before this round and continued to operate profitably, reporting $1.5 billion in revenue for 2024 and surpassing that figure in the first three quarters of 2025.

Sethi posted on X that the raise reflected long-term conviction in the company’s strategy.

He noted that more than $100 million for the round came from his family office.

Product growth strengthens derivatives and tokenized asset plans

Kraken linked the funding to several important developments that took place across its ecosystem in recent months.

On Nov. 14, the company reported strong Q3 results that included $198 million in adjusted EBITDA, up 28% from the previous quarter, and more than $1.5 billion in revenue over the first nine months of 2025.

Kraken also completed its latest proof of reserves audit, confirming 1:1 plus backing for major assets.

This audit was the first to use distributed validator technology for Ethereum staking within the platform.

The company expanded its US derivatives presence through the acquisitions of NinjaTrader and Small Exchange.

Small Exchange was a $100 million transaction finalised in early October.

These acquisitions give traders new ways to access crypto-connected futures in addition to existing stock and commodity contracts.

To support high-frequency and institutional traders, Kraken introduced a new colocation service in partnership with Beeks Exchange Cloud.

The company said this upgrade offers faster and more direct trading connectivity.

Expansion plans target global markets

Kraken outlined its next steps across key regions as it works toward its 2026 strategy.

The company plans to enter new markets in Latin America, the Asia Pacific region, and EMEA.

Kraken said these expansions will coincide with the launch of new asset types, upgrades to staking services, and new trading features that widen customer use cases.

The company also plans to strengthen its payments network and expand its institutional product suite.

Kraken said these steps will help bridge traditional and open finance through regulated global infrastructure.

Wider financial ecosystem supports long term growth

Kraken positioned the new funding as part of a broader plan to support a growing financial ecosystem that connects regulated markets, tokenized assets, and cross-border financial services.

The company said its vertically integrated approach provides the structure needed for sustainable product development and regional expansion.

The funding also helps the firm invest in infrastructure, compliance systems, and service lines that support both retail and institutional customers.

Kraken said it aims to use this momentum to build a wider presence across global markets while continuing to advance tokenized financial products and regulated trading.

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Meme coin news: DOGE ETF update, LIBRA rallies 80%, Shibarium transactions skyrocket

  • Dogecoin exchange-traded fund expected on November 24.
  • LIBRA decouples as the team buys the Solana dip.
  • Shibarium transactions soar 78%, reflecting renewed user activity.

Virtual currencies displayed bearishness today as Bitcoin eyes further dips below $90,000, with altcoins hinting at further declines.

This article highlights tokens stealing the show in the meme token landscape, specifically Dogecoin, LIBRA, and Shiba Inu.

Grayscale’s DOGE ETF nears launch

The original meme cryptocurrency remains on the crypto community’s radar as debates around Grayscale’s anticipated Dogecoin exchange-traded fund surge.

Bloomberg’s ETF analyst Eric Balchunas expects the product to launch on November 24, citing the SEC guidance. He said:

I believe Grayscale will be out with the first Doge ETF in a week, 11/24. We’ll see, won’t be 100% till exchange notice, but based on SEC guidance, it looks good.

An approval would mark a breakthrough for Dogecoin and the entire meme market.

While these assets often drive the broader cryptocurrency industry, they have faced increasing criticism as they are hype-driven without intrinsic value.

A Dogecoin ETF will magnify the digital token’s visibility and credibility.

Moreover, regulated use cases will catalyze stable growth for DOGE.

The community expects Grayscale’s Dogecoin exchange-traded fund to launch soon.

Altcoin ETFs have gained traction since Solana, Litecoin, and Hedera started the wave on October 28, with approvals now almost a guarantee.

DOGE is trading at $0.1585 after losing 1.20% and 10% in the past 24 hours and week, respectively.

LIBRA skyrockets 100%

While bears rattled the overall cryptocurrency market, LIBRA decoupled with an explosive 103% surge.

It is one of the few tokens with gains today.

The meme’s sharp jump emerged after revelations that the LIBRA team purchased Solana.

According to blockchain investigator Lookonchain, they spent 61.59 million USDC to purchase 456,393 SOL.

The accumulation signaled confidence in Solana’s performance after the alt dropped nearly 15% the previous week.

Therefore, LIBRA’s rally isn’t organic, and the 60% decline in 24-hour trading volume could testify to that.

The themed token will likely erase its gains in the coming sessions, unless trading activity resurges amid improved broader sentiments.

Shibarium transactions jump 78%

Shiba Inu’s L2 scaling solution Shibarium saw an uptick in transactions recently, signaling renewed user activity.

According to Shibariumscan data, the platform’s daily transactions increased from 2.43K on November 16 to 4.33K within 24 hours – a roughly 78% increase.

This comes after Shibarium experienced reduced activity in early last month, with 24-hour transactions plunging to 1,500 on November 5 – a whopping 88% dip from October 24 peaks.

While the layer 2 records notable recoveries, Shiba Inu’s price continued to underperform.

SHIB lost 10% of its value in the last seven days, now trading at $0.000008856.

The alt remained relatively stable in the past 24 hours, shedding 0.95%.

Its trading volume increased by 17% in that timeframe, indicating trader interest.

Meanwhile, broader sentiments continue to influence the performance of meme cryptos.

Selling pressure dominated the crypto landscape as “Extreme Fear” gripped the market.

Nevertheless, Fundstrat’s Tom Lee expects the market to bottom as soon as this week.

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Starknet nosedives 20% amid broader crypto crash: is STRK done plummeting?

  • Starknet price dropped sharply as top cryptocurrencies tumbled to key support levels.
  • On November 18, 2025, STRK plunged nearly 20% to touch lows of $0.17. 
  • STRK plunged as Bitcoin dropped to lows of $89,500.

Starknet’s native token took a sharp hit as cryptocurrencies bled on Monday, November 17, 2025, with bears extending the dip to Tuesday as STRK plunged nearly 20% to lows of $0.17. 

At the time of writing, Starknet traded 14% down in 24 hours at around $0.19. The decline contrasted with gains for Internet Computer, Hyperliquid, and others.

Notably, the altcoin mirrored losses for Zcash, the top privacy coin by market cap, which was also seeing notable profit taking.

Starknet nosedived 20% amid a broader crypto crash

As the crypto market entered freefall on November 17, Starknet price plummeted.

Triggered by a number of factors, including macro jitters and geopolitical tensions, amplified selling pressure across major assets cascaded into altcoins.

For instance, Bitcoin, the bellwether of the market, shed more than 4% to drop to a low of $89,500.

The move saw the global market cap fall to $3.13 trillion. Trading volume rose 45% on Nov. 18 to over $247 billion, with the Ethereum price falling to lows of $3,000.

XRP, BNB, and Solana all recorded significant drops, pushing liquidations to above $1 billion globally.  

Starknet, which rose amid recent privacy coin gains, followed suit.

The zero-knowledge proofs-powered layer 2 solution saw its STRK token fall from highs of $0.22 to $0.17. Nosediving 20% allowed bears to erase much of the token’s recent 50% rally.

As the chart below shows, Starknet price recently notched four straight green daily candles as price touched  high of $0.24. Following Monday’s dip, weekly gains are currently down to about 22%.

Starknet Price Chart
Starknet price chart by TradingView

Is STRK done plummeting?

Market observers note that while Starknet’s TVL (total value locked) remains robust at over $340 million, the token’s correlation with Bitcoin, left it exposed to the flagship coin’s volatility.

The timing couldn’t be worse for Starknet. 

Just this week, the project announced a multi-million dollar program aimed at Bitcoin staking. The milestone aims to bridge the Ethereum and Bitcoin ecosystems through Starknet’s BTCFi offering. 

As the crypto market dusts off some of the sell-off pressure, finding a floor near the $0.16-$0.17 mark could be crucial for bulls.

If this happens, STRK could eye $0.24 and potentially one year highs above $0.78. The main target in the short term remains the psychological $1 level.

The platform’s Bitcoin integration positions it uniquely for cross-chain growth. Bitcoin DeFi growth, especially as Ethereum’s upgrades enhance layer-2 efficiency, adds to the bullish outlook.

However, in the short term, risks such as a prolonged Bitcoin bear market could allow sellers to seek more pain.

Bulls saw STRK price fall to an all-time low under $0.04 on October 10, 2025. Current prices nevertheless hover about 305% up since.

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Internet Computer (ICP) breaks out of a falling wedge pattern, $7 within reach

  • Internet Computer (ICP) rises amid market downturn, driven by short squeeze AI hype.
  • The Internet Computer ecosystem growth and AI tools have strengthened investor confidence.
  • A breakout above the key resistance at $5.94 could push ICP’s price toward $7.

Internet Computer (ICP) has caught the attention of crypto traders and analysts alike by defying the broader market downturn.

While Bitcoin (BTC) and Ethereum (ETH) struggle with declining prices, ICP has surged by double digits, showcasing resilience.

Notably, the ICP’s price surge comes amid growing ecosystem developments and increasing activity in the AI space, signalling that the network is finding new momentum even in a challenging market environment.

ICP price rebounds against market trends

Over the past 24 hours, Internet Computer (ICP) has risen sharply, trading around $5.44, after an 11.3% increase despite a broader market downturn that has weighed heavily on most major cryptocurrencies.

This surge has been fueled in part by a potential short squeeze, as funding rates in the derivatives market have turned deeply negative.

ICP funding rate
ICP funding rate | Coinglass

Traders holding short positions on ICP faced growing pressure as the token’s price climbed, forcing some to close their positions and buy back the token, which added upward momentum.

However, open interest in ICP derivatives has surged nearly 92% to $174 million, indicating heightened trading activity and volatility that could accelerate the rally further if key resistance levels are overcome.

open interest in ICP derivatives
Open interest in ICP derivatives | Source: Coinglass

The technical picture for ICP is equally compelling.

The token recently broke above a two-month falling price channel, a pattern that had contained the asset since early November.

This breakout is considered a bullish signal, with indicators like the Awesome Oscillator turning positive.

While the MACD remains bearish and the RSI hovers near neutral at 52, the price move suggests that sellers’ control is weakening.

Internet Computer (ICP) price analysis
Internet Computer (ICP) price analysis | Source: TradingView

Ecosystem growth supports ICP momentum

Beyond technical catalysts, the Internet Computer (ICP) price is also supported by strong ecosystem fundamentals.

The total value locked (TVL) in ICP’s DeFi ecosystem has grown 57% in the past month to reach $19.83 million, driven by platforms such as WaterNeuron, which alone has seen its assets increase by 90%.

Stablecoins on the network have also risen, now totalling nearly $4.93 million.

Additionally, the launch of Caffeine, a platform that allows users to build websites and applications through AI without coding, has reinforced ICP’s position in the fast-growing AI sector.

Institutional partnerships and integrations, including collaborations with Microsoft Azure and Google Cloud, have further strengthened the network’s decentralised cloud and AI narrative, attracting developers and investors alike.

Internet Computer (ICP) price outlook

While the broader market faces uncertainty, ICP’s ecosystem expansion, AI integration, and strong technical setup position it for further upside potential.

The combination of technical and fundamental drivers suggests that the Internet Computer (ICP) price could continue its upward trajectory.

A successful breakout above the $5.94 resistance could open the path to $7 or higher, with strong buying momentum reinforced by the short squeeze dynamic.

At the same time, holding the key support level at $4.76 will be critical to maintaining investor confidence.

If bulls remain in control, traders should closely watch the $5.94 resistance, with a daily close above this level potentially confirming a trend reversal and opening the door to higher targets near $6.74 or even $7.32, in line with Fibonacci retracement levels.

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