Welcome to the OLE777 – Asia 1st Multiplatform Crypto Gaming. Today, the writer will highlight the most popular news in the crypto industry: The U.S. Department of Justice has charged several Chinese companies with using crypto for money laundering in fentanyl-related trades, Donald Trump’s World Liberty Financial is exploring a stablecoin and report in Indonesia shows over 60% of young investors now favor crypto.

Several Chinese Companies Reported on Illegal Activities Using Crypto

The U.S. Department of Justice (DOJ) has charged eight China-based chemical companies and their employees, accusing them of trafficking fentanyl precursor chemicals and laundering money via cryptocurrency. 

Filed in Florida, the indictments show how these companies allegedly used cryptocurrency, including bitcoin, to mask payments linked to illegal opioid sales. Employees at companies like Guangzhou Tengyue Chemical Co. and Hubei Shanglin Trading Co. allegedly managed wallets for these transactions, facilitating payments internationally. 

Attorney General Merrick Garland affirmed the DOJ’s commitment to prosecuting those fueling the fentanyl trade, while DEA Administrator Anne Milgram highlighted the agency’s resolve to disrupt such networks. 

Other companies, including Wuhan Jinshang Import & Export and Henan Oumeng Trade, are also implicated. This case underscores the need for better oversight of cryptocurrency transactions linked to illegal activities and highlights the challenge of tracking funds across borders.

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Donald Trump Exploring The Stablecoin

World Liberty Financial, a crypto venture founded by former President Donald Trump, is exploring the creation of its stablecoin, which could act as a digital equivalent of the US dollar. 

According to Fortune, the World Liberty team is prioritizing the stablecoin’s safety, navigating complex regulatory and legal challenges before launch. 

Recently, Rich Teo, co-founder of Paxos, the firm behind the Paxos Standard Token (PAX) was appointed to lead this initiative, as World Liberty aims to establish itself in the market dominated by stablecoins like Tether’s USDT and Circle’s USDC.

The project faces hurdles similar ventures, such as Terraform Labs, have previously struggled, leading to regulatory fallout. Still, the potential profits are high, USDT reported $5.2 billion in earnings in early 2024. Despite only raising $14 million of its $300 million target, the Trump-led project has captured interest from over 100,000 accredited investors.

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60% of Youth in Indonesia Invest in Crypto

Cryptocurrency investments are increasingly popular among young people, data from Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti) and local crypto platforms show over 60% of investors are aged 18-30. Younger generations, particularly Gen Z and Millennials, see crypto as a fast-access investment alternative. 

Tokocrypto’s Chief Marketing Officer, Wan Iqbal, highlighted that youth account for a significant portion of crypto users, especially as they often distrust traditional financial systems. 

In September 2024, Bappebti recorded crypto transactions totaling IDR 33.67 trillion, a sign of growing interest despite market uncertainties. Kasan Muhri of Bappebti urged for stronger consumer protections and ongoing financial literacy efforts to ensure safe crypto investment practices.