FBI Seizes Polymarket CEO’s Electronics Amid DOJ Probe

FBI Seizes Polymarket CEO’s Electronics Amid DOJ Probe

The FBI seized Polymarket CEO Shayne Coplan’s phone and electronics on Wednesday, reportedly part of a Department of Justice (DOJ) investigation into alleged US user involvement in the platform. Polymarket’s betting volume jumped to over $3 billion before the recent US presidential election, correctly predicting Trump’s win and giving the platform the crown in the prediction market space.

Polymarket, though geo-fenced for US users, has faced allegations of American users bypassing restrictions via VPNs. Previously, Polymarket settled with the CFTC over unregulated event-based options, paying a $1.4 million fine while blocking US users from non-compliant markets, aiming to avoid similar regulatory conflicts.

Coplan initially took the situation with humor, posting "new phone, who dis?" on X, before giving a longer statement on how this was a "last-ditch effort" of the current administration to "go after companies they deem to be associated with political opponents".

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Linea Layer 2 Plans Token Launch for Late Q1 2025

Consensys announced the Linea Association, an independent Swiss organization that will manage Linea's governance and development as part of a move toward decentralizing the Ethereum Layer 2 network. The association is gearing up to launch the LINEA token in late Q1 2025, providing token-based governance and supporting zkEVM mainnet development.

This entity will hold Linea’s intellectual property and treasury, aiming to transition Linea to a permissionless zkEVM structure. Consensys CEO Joseph Lubin expressed that decentralizing Linea supports a global decentralized economy vision, giving the community a direct role in the platform's growth.

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Elon Musk Backs Dogecoin’s Inflation Model

Elon Musk praised Dogecoin’s inflationary tokenomics yesterday under another user's post, claiming that the coin’s steady issuance rate is a “feature, not a bug,” aligning with Dogecoin co-founder Billy Markus’s view. Dogecoin’s model involves minting 10,000 new coins per minute, which reduces percentage inflation over time as the supply grows.

Dogecoin’s inflation has provoked many debates over the years, with figures like Mark Cuban endorsing it as ideal for transactions due to its affordability. Musk’s continued support underlines his enthusiasm for Dogecoin as a viable cryptocurrency, though he has stated he’s not actively involved in its development. DOGE has gained over 100% in the last seven days.

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Tensor Teases SocialFi Platform Vector.fun to Rival Pump.fun

Solana NFT marketplace Tensor is launching a new SocialFi app called Vector.fun, hoping to merge social engagement with token trading. Tensor co-founder Ilja Moisejevs stated the app, inspired by NFT fatigue, will offer a unique social trading experience, enabling users to trade and socialize over meme coins and tokens.

Vector.fun’s early access waitlist filled quickly, with public rollouts expected soon, and NFT holders gaining early access. The app faces competition from platforms like Pump.fun and other Solana trading hubs, but Tensor’s previous success in NFT trading could give it an edge in this booming market for meme coins. As of now, the waitlist if completely full.

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Data of the Day

BlackRock’s tokenized fund, BUIDL, created with Securitize, just went multi-chain and is now available across Aptos, Arbitrum, Avalanche, Optimism, and Polygon, expanding from Ethereum.

The fund, which offers on-chain yield and peer-to-peer transactions, aims to increase accessibility for digital asset investors across multiple blockchain ecosystems. The BUIDL fund, with $517 million in assets, now leads the Real World Asset (RWA) market by capturing a 22% share.

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More Breaking News

• Top Solana wallet, Phantom, issued an emergency update for iOS users after some reported app resets that locked them out of wallets.
• Bitwise acquired Ethereum staking platform Attestant, adding $4 billion in staked assets and bringing total client assets to over $10 billion.
• Pepe’s market cap hit $10.2 billion following recent listings by Coinbase, Robinhood, and Upbit, while its price surged 77% in 24 hours.
• Canadian police identified a body found in a Montreal park as missing crypto influencer Kevin Mirshahi, confirming his death months after his abduction.
• Jito, a Solana MEV infrastructure provider, experienced downtime on Wednesday, causing fee spikes before the issue was resolved within an hour.
• Republicans retained control of the US House, likely enabling crypto-friendly leaders on the House Financial Services Committee to push digital asset legislation.

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