The Daily CRYPTO Briefing - 14/11/2024

The Daily Crypto Briefing

Welcome to The Daily Crypto Briefing, your daily dose of crypto news. I'm Thomas, and here are today's headlines. From FBI raids to token launches, we're covering significant developments shaping the crypto landscape today. In today's briefing, we'll discuss the FBI's raid on Polymarket's CEO, BlackRock's expanding BUIDL fund, major listings for PEPE and WIF memecoins, Linea's Layer 2 token announcement, and updates on the FTX case regarding Gary Wang's potential sentence reduction. Let's start with the Polymarket investigation. The FBI has seized CEO Shayne Coplan's electronic devices as part of a DOJ probe into alleged US user involvement. Despite implementing geo-fencing restrictions, Polymarket has faced accusations of US users accessing the platform through VPNs. The platform, which saw betting volumes exceed $3 billion during the recent US presidential election, had previously settled with the CFTC for $1.4 million over unregulated event-based options. Moving to institutional developments, BlackRock's tokenized fund BUIDL is making waves in the Real World Asset market. The fund has expanded its presence across multiple blockchain networks, including Aptos, Arbitrum, Avalanche, Optimism, and Polygon. With $517 million in assets under management, BUIDL now commands a impressive 22% share of the RWA market, showcasing growing institutional interest in blockchain technology. The memecoin market is experiencing another surge of excitement. Both PEPE and WIF tokens have achieved significant milestones with their listings on major exchanges like Coinbase and Robinhood. PEPE recorded a dramatic 50% price increase within an hour of its Robinhood listing, while WIF has generated an astounding $3.9 billion in transaction volume over 24 hours, securing its position as the 26th largest cryptocurrency by market capitalization. In Layer 2 developments, Consensys has announced the formation of the Linea Association, an independent Swiss organization. This entity will oversee Linea's governance and development, with plans to launch the LINEA token in late Q1 2025. The association will manage Linea's intellectual property and treasury, working towards establishing a permissionless zkEVM structure. Lastly, in the ongoing FTX saga, co-founder Gary Wang may receive a lighter sentence due to his substantial cooperation in the investigation against Sam Bankman-Fried. This development comes shortly after SBF's 25-year prison sentence, highlighting the importance of cooperation in major crypto fraud cases. That wraps up today's crypto briefing. From regulatory actions to market movements, we've seen significant developments across the cryptocurrency landscape. Remember to stay informed and conduct your own research before making any investment decisions. I'm Thomas, and I'll see you tomorrow with more crypto news.