Welcome to the Daily Crypto section in OLE777 – 1st Asia Multiplatform Crypto Gaming. Today’s news will start with the Texas-based Group “Loverbois” which was sentenced to prison for running a dark web operation of drug trafficking and crypto money laundering. Next news, South Korea plans to regulate stablecoin to the revenue decline of Bitcoin miners.

Let’s read into the details!

Texas Group “Loverbois” Sentenced for Drug Trafficking & Money Laundering Through Crypto

Six individuals known as the “Loverbois” have been convicted for laundering between $15,000 to $50,000 in cryptocurrency while selling nearly 12 kilograms of meth disguised as Adderall pills.

The U.S. Attorney’s Office for Southern Ohio announced on Oct. 8 that these Texas-based men were sentenced to prison for running a dark web operation. They were involved in drug trafficking and crypto-based money laundering from July 2019 to December 2020.

Court documents reveal that the group sold 11.98 kilograms of meth each month, using the vendor name “Loverbois.” They processed around 20 orders daily. Hung Ahn Huy Phung, 26, believed to be the leader, was sentenced to 84 months in prison. His accomplices received sentences between 60 and 75 months, while one received five years of probation.

The group distributed meth pills through the dark web and the U.S. Postal Service, using crypto to launder funds. They were caught after unknowingly sending pills to undercover agents. The final defendant, Kevin Tran, was sentenced on Sept. 30, 2021. 

Read more: Not Len Sassaman, This Is The Profile of ‘Peter Todd’ Believed as Satoshi

South Korea Plans to Regulate Stablecoin 

South Korea’s government plans to regulate cross-border transactions involving dollar-pegged stablecoins under foreign exchange rules. On Oct. 8, the Ministry of Economy and Finance began reviewing stablecoin transactions to ensure they are safe. Stablecoins, used in global transfers, may need new rules. The Financial Services Commission (FSS), South Korea’s top regulator, will discuss stablecoin rules in the second phase of its Virtual Asset User Protection Act, consulting with regulators in Japan and the EU.

The regulations will first cover stablecoins pegged to South Korea’s won and later extend to foreign currency stablecoins. Japan issued rules on stablecoins after the Terra collapse, and the EU’s regulations recently caused non-compliant stablecoins to be delisted. South Korea’s laws now enforce stricter rules to protect crypto users, requiring service providers to insure against hacks and separate customer assets from exchange tokens, with heavy penalties for violations.

Read more: Many North Korean IT Unknowngly Working for Crypto Companies, Contribute to Kim Jong Un Regime

Bitcoin Miners Facing Revenue Decline

In September, Bitcoin miners faced their third consecutive month of declining revenues due to rising network difficulty and an increasing hash rate. Publicly traded crypto miners reported lower daily revenues as the Bitcoin network’s hash rate rose by 2% from August to 643 exahashes per second (EH/s).

Despite Bitcoin gaining 7% in value in September, miners saw their earnings drop by 6% per EH/s, averaging $42,100. Major miners like Marathon Digital Holdings and Riot Platforms mined 705 BTC and 412 BTC, respectively, showing operational growth despite market challenges.

Some miners adjusted strategies by selling Bitcoin holdings, while others shifted focus to AI and high-performance computing, signaling future changes in the industry.

Bitcoin is currently valued at $186, reflecting a slight 1.11% drop in the last 24 hours.