Indian outrage at Pudgy Penguins, China CBDC boss’s crypto scandal: Asia Express

CoinTelegraph

by Yohan Yun

January 19, 2026

AI-Generated Deep Dive Summary

Pudgy Penguins, a popular NFT brand, has sparked outrage among Indian social media users over a now-deleted X post that was perceived as targeting India. The tweet, which humorously suggested the impact of X’s new reward policy on India's economy, led to accusations of promoting racist stereotypes and poor brand judgment, prompting the company to remove the post without comment. In China, former PBOC official Yao Qian faces bribery charges tied to crypto assets. Alleged to have accepted 2,000 ETH and 12 million yuan in bribes in exchange for facilitating a token issuance, Yao’s case involved on-chain analysis and fiat tracing. The investigation revealed his use of proceeds from selling 370 ETH to purchase a luxury Beijing villa under his relative's name, leading to his expulsion from the Communist Party and removal from office. The incident highlights the risks of crypto-related corruption in China's financial sector, despite its ongoing regulatory crackdown on cryptocurrencies. Meanwhile, Japan is advancing its stablecoin adoption with a pilot program for US dollar and yen-denominated stablecoins, reflecting an acceleration in global stablecoin regulation post-US GENIUS Act. These developments underscore the challenges faced by regulators and brands navigating the crypto space, where issues of corruption and public perception can have significant consequences.

Verticals

cryptoblockchain

Originally published on CoinTelegraph on 1/19/2026