ETH whale’s wild $6.8M ‘mind control’ claims, Bitcoin power thefts: Asia Express

Bitcoin mining shadow tenants leave Malaysian landlords with million-dollar electricity nightmares

Landlords across Malaysia are facing massive financial losses after their tenants illegally mined cryptocurrency to rack up electricity bills before leaving property owners to bear the cost.

Bitcoin disappearing — *Malaysian Bitcoin miners vanish, leaving landlords with fines and financial distress. (Engin Akyurt)*

In one case, a landlord identified as “Jason” was reportedly handed a 1.7 million Malaysian ringgit (about $382,000) penalty by electricity provider Tenaga Nasional Berhad (TNB) after a tenant stole electricity to power their secret crypto mining operations. After four years of legal battles, the fine was reduced to 825,000 ringgit ($185,722).

His ordeal began in July 2020 when he rented out his property to a tenant who claimed to work with computers. Three months later, the entire building suffered power outages due to illegally installed power cables used for crypto mining. When authorities discovered the theft, Jason was held liable, while the tenant had vanished.

Jason attempted to fight the fine in court, arguing that he was not responsible for his tenant’s illegal activities. But after two years of litigation, he lost the case, leaving him to deal with mounting legal fees and a 5% interest rate on the outstanding amount. Now, he is preparing to appeal.

Jason’s case is not isolated. Forty-five homeowners and business operators have reported a combined 8.5 million ringgit ($1.9 million) in fraudulent electricity bills, with tenants using stolen identities to carry out illegal Bitcoin mining. Some only realized the deception after receiving notices from TNB, leaving them financially crippled.

One victim, a 57-year-old landlord who relies on rental income, now faces a 300,000 ringgit ($67,720) bill after his tenant used a fake identity to rent his property. Another victim was blindsided by a 73,000 ringgit ($16,386) bill and has already paid 70,000 ringgit ($15,756).

Malaysia has been grappling with the issue of stolen electricity, with TNB blaming crypto mining for the 441 million ringgit ($100 million) loss it has suffered from electricity theft since 2020.

Chinese programmer burns $6.8M in ETH, claims ‘brain-computer weapons’ control people

A Chinese programmer self-identified as Hu Lezhi has burned and transferred millions of dollars worth of Ether to publicize his wild claims that Chinese corporations and military forces are using “brain-computer” tech to manipulate and control citizens.

Between Feb. 10 and Feb. 17, Lezhi transferred more than 2,553 ETH (worth $6.8 million at the time) to various addresses, including Ethereum’s burn address and WikiLeaks. His transactions contained onchain messages that state nano-computer chips and radio waves are being used to turn individuals into “puppets or complete slaves to the digital machine.”

Hu’s largest transactions included 500 ETH ($1.35 million) sent to a burn address, effectively removing the funds from circulation. He also donated 711.5 ETH ($2 million) to WikiLeaks across several transactions, claiming in a message that “brain-computer chips have been deployed militarily on a large scale.”

Hu Lezhi Ether notes from 10 days ago — *Hu Lezhi’s notes attached to millions in Ether sent to WikiLeaks donation address. (Etherscan)*

Among his allegations, Hu specifically called out Feng Xin and Xu Yuzhi, hedge fund executives at Kuande Investment, accusing them of using this technology to control employees. He went as far as to claim that the two executives themselves were victims of the same technology.

Hu described himself as a computer programmer who had only recently realized he was being monitored and manipulated his entire life. Their last message claims that they have completely lost their dignity as a human being. Hu’s Ethereum wallet has since remained inactive.

Neither Kuande Investment nor any Chinese authorities have publicly responded to Hu’s claims. Cointelegraph has reached out to Kuande Investment.

Robinhood to enter the Singapore crypto market via Bitstamp

Trading platform Robinhood is reportedly pushing into Singapore’s cryptocurrency market, aiming to roll out trading services through its Bitstamp subsidiary by late 2025.

Singapore skyline — *Robinhood finds its way to the Lion City. (Joshua Ang)*

The company’s $200 million acquisition of Bitstamp, announced in 2024, is still awaiting final regulatory approval and is expected to close in 2025.

Meanwhile, Kraken is preparing to re-enter India, two years after being banned over Anti-Money Laundering violations. The shift comes as a senior Indian official signaled that the government is reassessing its stance on crypto, potentially clearing the way for offshore exchanges.

Coinbase is also eyeing a return, having previously exited when regulators cut off access to India’s Unified Payments Interface — the country’s dominant financial rail, controlled by the Reserve Bank of India.

India had long restricted crypto firms from using RBI-linked services, arguing that digital assets lacked legal recognition. But with global regulations evolving, the country appears to be rethinking its approach, potentially reopening the market to major exchanges.

Hong Kong turns on regulatory spurt on the global stage

Hong Kong is expanding its virtual asset regulatory framework, unveiling a new five-part initiative aimed at adjusting market policies, increasing liquidity and shaping the city’s role in the global digital asset sector.

Consensus Hong Kong Cointelegraph — *Hong Kong Financial Secretary Paul Chan says the city’s market is open to crypto in his keynote speech at Consensus Hong Kong. (Ciaran Lyons/Cointelegraph)*

The Securities and Futures Commission has introduced the ASPIRe initiative, a strategy focused on market access, investor safeguards, financial products, regulatory infrastructure, and industry engagement. The announcement coincided with Consensus Hong Kong, a major crypto event where the city granted its 10th virtual asset trading platform license to Bullish, the parent company of CoinDesk, the event’s host.

The new framework explores the possibility of introducing regulated staking, derivatives trading, and margin lending for certain investors while reinforcing Anti-Money Laundering measures to align with global oversight standards.

The expansion comes as other financial hubs, including the US, Singapore and the Middle East, continue developing their own digital asset strategies. In the US, President Donald Trump’s administration has taken a pro-crypto stance, shifting sentiment after years of regulatory uncertainty.

SFC Chief Executive Julia Leung argued that Hong Kong intends to offer more consistent regulation compared to the US’s fragmented approach.

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Yohan Yun

Yohan Yun is a multimedia journalist covering blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.